The Abu Dhabi National Oil Company (ADNOC) announced Thursday a framework agreement awards valued at $1.94 billion to enable drilling growth.
The awards will support ADNOC's strategy to boost crude oil production capacity to 5 million barrels per day (mmbpd) by 2030 and drive gas self-sufficiency for the UAE.
Minister of Industry and Advanced Technology, and Managing Director and Group CEO of ADNOC Dr. Sultan bin Ahmed Al Jaber said the new framework agreements are a continuation of ADNOC’s unprecedented investment in services to enable the expansion of drilling activity.
"Not only do these awards support our 2030 strategy, they are expected to deliver over 80% of In-Country Value to the UAE and align with the UAE’s ‘Principles of the 50’ economic blueprint for sustainable growth," he added, state news agency WAM reported.
The framework agreement awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years.
ADNOC Drilling’s share of the awards is the largest and it covers services including cased hole and open hole as well as perforation.
For his part, Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said: "The award to ADNOC Drilling demonstrates its robust offering and capabilities as well as its integral role in ADNOC’s future drilling activities. The awards to all four companies will deliver substantial in-country value, and create new job opportunities for UAE nationals, in line with the Leadership’s wise directives."
