Monday, June 17, 2024

ADNOC awarded contracts worth over $3 billion to boost capacity development


Sharjah24 – WAM: Abu Dhabi National Oil Company (ADNOC) announced today that two contracts totaling more than $3.4 billion (AED12.6 billion) have been awarded to ADNOC Drilling for the chartering of 8 jack-up offshore rigs. The contracts awarded by ADNOC Offshore, valued at $1.5 billion (AED 5.6 billion) and $1.9 billion (AED 7 billion), respectively, will help expand ADNOC’s crude oil production capacity to five million barrels per day (mmbpd) by 2030. Gas self-sufficiency for UAE.
Over the life of the 15-year contracts, ADNOC Drilling’s state-of-the-art rig fleet enables ADNOC and its strategic international partners to further unlock Abu Dhabi’s offshore oil and gas resources, creating significant value for ADNOC, its partners and companies. United Arab Emirates

Under ADNOC’s successful Inland Value (ICV) program, more than 80 percent of the value of the awards will be reinvested into the UAE’s economy, supporting local economic growth and diversification.

Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said, “This world-leading investment will significantly expand our drilling operations to accelerate growth, increase value and responsibly unlock the UAE’s growing global resources. demand for energy. ADNOC Drilling’s state-of-the-art fleet and market-leading capabilities will be a key enabler as ADNOC strengthens its position as a leading low-cost and low-carbon energy producer. The 2030 Strategy is our wise leadership’s directives to grow and diversify the UAE’s economy.”

Jack-up rigs will be deployed with manpower and equipment to support drilling operations in ADNOC’s offshore fields, which account for half of ADNOC’s production capacity. ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, with 105 rigs including 27 offshore jack-up units, one of the largest operational jack-up fleets in the world.

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The company’s extensive rig fleet and market-leading expertise are key drivers in winning and servicing large-scale drilling contracts for clients such as ADNOC Offshore, unlocking significant potential in Abu Dhabi’s offshore region.

ADNOC recently awarded two substantial contracts totaling $2 billion (AED 7.49 billion) to ADNOC Drilling to provide integrated drilling services and island drilling units on its Hail and Kasha gas development projects.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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