ADNOC awards $1.83bn drilling contracts

ADNOC awards $1.83bn drilling contracts

UAE - Mubasher: Abu Dhabi National Oil Company (ADNOC) awarded five framework agreements for directional drilling as well as logging while drilling (LWD) at a total value of $1.83 billion, equivalent to AED 6.72 billion.

The contracts were awarded to Al Ghaith Oilfield Supplies and Services Company, Al Mansoori Directional Drilling Services, Schlumberger Middle East, Haliburton Worldwide Limited Abu Dhabi, and Weatherford Bin Hamoodah Company.

The framework arrangements come in line with the UAE-based firm's expansion plans to meet the world’s increasing demand for energy. They cover ADNOC’s onshore as well as offshore fields, holding a five-year duration period, with an option for a two-year extension, WAM News Agency reported.

More than 75% of the award value would be directed to the UAE economy under ADNOC’s in-country value programme. The agreements will back the company’s objective to drill thousands of new wells and expand its production capacity to five million barrels per day (bpd) by 2030.

Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said: "As ADNOC responds to rising global energy demand, we are responsibly ramping up drilling activities to further unlock Abu Dhabi’s oil and gas resources which have some of the lowest carbon intensity in the world.”

Almazrouei added: “These awards build on