ADNOC invests $764m to boost output capacity growth

ADNOC invests $764m to boost output capacity growth

The Abu Dhabi National Oil Company (ADNOC) pumped $763.7 million (AED2.8 billion) worth of investment in a bid to support its production capacity expansion to reach 5 million barrels per day by 2030. ADNOC invested in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields, according to a press release on Wednesday. The investment was in the form of ADNOC Offshore awarding three contracts to Schlumberger, ADNOC Drilling, and Halliburton after a competitive tender process. Schlumberger's share of the award amounts to $381.18 million (AED1.4 billion), while the shares of ADNOC Drilling and Halliburton stand at $228.71 million (AED839.58 million) and $153.87 million (AED564.85 million), respectively. ADNOC noted that more than 80% of the total award value will return into the UAE's economy under ADNOC's In-Country Value (ICV) programme over the five-year duration of the contracts. said: