ADNOC Drilling awarded more than $3.4B in offshore contracts
On Aug. 4, Abu Dhabi National Oil Co. (ADNOC) announced two contracts totaling more than $3.4 billion (AED12.6 billion) have been awarded to ADNOC Drilling to hire eight jackup offshore rigs.
The contracts, valued at $1.5 billion (AED 5.6 billion) and $1.9 billion (AED 7 billion) respectively, awarded by ADNOC Offshore, will support the expansion of ADNOC’s crude oil production capacity to 5 MMbbl/d by 2030 and enable gas self-sufficiency for the UAE.
Over the life of the 15-year contracts, ADNOC Drilling’s rig fleet will enable 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 the UAE, ADNOC said.
More than 80% of the value of the awards will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) program, supporting local economic growth and diversification.
The jackup rigs will be hired along with manpower and equipment to support drilling operations across ADNOC’s offshore fields, which account for about half of ADNOC’s production capacity. ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, with 105 owned rigs, including 27 offshore jackup units, one of the largest operational jackup fleets in the world.
ADNOC recently awarded ADNOC Drilling two further substantial contracts totaling $2 billion (AED 7.49 billion) for integrated drilling services and the provision of Island Drilling Units at its Hail and Ghasha Gas Development Project.
Source: Offshore Mag
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