UAE Signs New Contracts to Develop Energy Sector

UAE Signs New Contracts to Develop Energy Sector

The United Arab Emirates awarded ADNOC Drilling a five-year contract to provide integrated drilling services for the development of the Upper Zakum oil field in Abu Dhabi.

The new contracts in the oil and gas sector are part of the Emirati authorities' efforts to increase the production capacity of energy supplies.

The $412 million contract will be implemented by ADNOC Offshore and start in the second quarter of 2023.

ADNOC Drilling, listed on Abu Dhabi Securities Exchange, announced it would provide integrated drilling services to the Upper Zakum field, the largest producing field in ADNOC’s portfolio, the second-largest offshore oilfield, and the fourth-largest oilfield in the world.

The services provided by ADNOC Drilling will enhance the efficiency of the project's production operations and achieve significant cost savings.

It would also support the company's plans to accelerate the goal of raising its production capacity responsibly to contribute to meeting the growing global demand for energy.

Chief Executive of ADNOC Drilling Abdulrahman al-Seiari said: "We are pleased" that the company has obtained this contract, which will contribute to "effective development of the Upper Zakum field and enable ADNOC to realize accelerated production capacity targets to responsibly supply energy to a world which sees continuously rising demand."

He added: "This