Abu Dhabi National Oil Company (ADNOC) announced today the award of a contract worth $1.53 billion (AED 5.62 billion) to ADNOC Drilling. The award supports the expansion of ADNOC’s offshore operations and its objective to responsibly increase production capacity and meet the growing global demand for reliable, lower carbon intensity oil and gas.
ADNOC Offshore awarded the two-year contract which covers the provision of 12 jack-up rigs and two island rigs and the associated Integrated Drilling Services (IDS). ADNOC Offshore and its strategic international partners continue to maximize value from Abu Dhabi’s offshore oil and gas resources. This award will leverage ADNOC Drilling’s start-to-finish offering as well as its position as the largest drilling company in the region by rig fleet size to drive value and efficiencies while minimizing environmental impact.
Over 80% of the award value will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) program, supporting local economic growth and diversification.
Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said: “Through this award, ADNOC Offshore will continue to responsibly harness the energy in Abu Dhabi’s waters, as we increase production capacity to meet the world’s growing demand for energy with lower carbon intensity oil and gas. ADNOC Drilling is a world leader in drilling and completion services.”
He also said: “Their deep expertise and wide technical capability will maximize value and minimize the environmental footprint of every well as ADNOC expands its production capacity. The substantial in-country value generated through this contract will support the directives of our wise leadership to grow and diversify the UAE economy.”
This award will support the expansion of ADNOC’s crude oil production capacity to five million barrels per day (mmbpd) by 2030 and gas self-sufficiency for the UAE. ADNOC Drilling has provided IDS to ADNOC Offshore since 2019. The company’s highly competitive position, integrated capabilities and technical expertise have helped increase the efficiency of ADNOC’s offshore operations.
Since ADNOC Drilling launched its IDS offering in 2018, the company has enabled more than $250 million (AED917.5 million) in savings for its customers through the successful end-to-end delivery of drilling and completion services.
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to maximize the value of the Emirate’s vast hydrocarbon reserves through responsible and sustainable exploration and production to support the UAE’s economic growth and diversification.