ADNOC invests $6bn on drilling equipment to boost gas sufficiency

ADNOC invests $6bn on drilling equipment to boost gas sufficiency

The Abu Dhabi National Oil Company (ADNOC) will make an investment of almost $6 billion to enable drilling growth as it attempts to boost its crude oil production capacity to 5 million barrels per day (mmbpd) by 2030 and drive gas self-sufficiency for the UAE.

The announcement was made during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) and follows ADNOC Drilling’s successful initial public offering (IPO) on the Abu Dhabi Securities Exchange (ADX).

The investments are in the form of procurement awards to top-tier contractors for wellheads and related components, Downhole Completion Equipment (DCE) and related services, and Liner Hangers and Cementing Accessories, all crucial in drilling for oil and gas and completing wells.

Almost 60 percent of the total value of the awards could be reinvested in the UAE’s economy under ADNOC’s successful In-Country Value (ICV) program over the duration of the awards. Furthermore, more than $900 million worth of wellheads and over $700 million worth of DCE will be manufactured in the UAE as well as all liner hangers.

Dr. Sultan bin Ahmed Al JaberMinister of Industry and Advanced TechnologyGroup CEO – ADNOC

“ADNOC’s world record investments in drilling-related equipment underlines our commitment to responsibly unlocking our world-scale hydrocarbon resources