ADNOC awards record $4bln framework agreements for integrated drilling fluids services

ADNOC awards record $4bln framework agreements for integrated drilling fluids services

- Over 80% of the value could flow back into the UAE’s economy under ADNOC’s In-Country Value program and the companies will create job opportunities for UAE Nationals and invest in local manufacturing

- ADNOC Drilling awarded largest scope of the framework agreements, reflecting its expanded service profile

Abu Dhabi, UAE: Abu Dhabi National Oil Company (ADNOC) announced today, the award of three framework agreements valued at $4 billion (AED14.68 billion) for integrated drilling fluids services (IDFS) to support the ongoing expansion of its lower cost and lower-carbon intensive production capacity as it responds to growing global demand for energy.

The awards, the largest of their kind in the industry, were awarded to ADNOC Drilling Company P.J.S.C (ADNOC Drilling), Schlumberger Middle East S.A. (SLB) and Halliburton Worldwide Limited Abu Dhabi (Halliburton). They cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years.

Over 80% of the award value could flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program over the duration of the agreements. Furthermore, the contractors will create job opportunities for UAE Nationals and invest in local manufacturing of equipment and chemicals required for the IDFS.

Yaser Saeed Almazrouei, ADNOC Upstream