ADNOC Drilling secures $412m contract to develop Upper Zakum oilfield

ADNOC Drilling secures $412m contract to develop Upper Zakum oilfield

ADNOC Offshore, the offshore business of the Abu Dhabi National Oil Company (ADNOC), has awarded a five-year $412m oilfield development contract to boost crude oil production capabilities at the Upper Zakum oil field. The Upper Zakum field, the largest producing field in ADNOC’s portfolio, is the second-largest offshore oilfield and fourth-largest oilfield in the world. The application of ADNOC Drilling’s integrated drilling services (IDS) will commence in the second quarter of the year. The service is expected to add to the efficiency of oil production at the project, deliver significant cost savings and contribute to ADNOC’s plans to increase its production capacity as global energy demand continues to increase. The contract will enable the efficient delivery of completion services at Upper Zakum field and adds 20 per cent to annual revenue compared with 2022, ADNOC Drilling said in a bourse filing. The company said it is committed to expanding its comprehensive suite of services in the oilfield services (OFS) division to enable the efficient and competitive delivery of start-to-finish drilling and well completion. Last year, the drilling firm had 40 operational IDS rigs, with OFS revenue reaching $405m, a 23 per cent increase from the previous year. Since January 2022,