ADNOC Drilling wins two contracts worth more than 12.6 billion dirhams

Sultan Al Jaber: "ADNOC's drilling fleet is a key enabler within ADNOC's plans to establish itself as a leading and reliable supplier of low-cost energy and emissions."

The Abu Dhabi National Oil Company (ADNOC) announced the award of two contracts, with a total value of more than 12.6 billion dirhams (US$3.4 billion), through the ADNOC Offshore Company, to ADNOC Drilling, to lease eight drilling rigs.

These two contracts, worth respectively 5.6 billion dirhams ($1.5 billion) and seven billion dirhams ($1.9 billion), will support the aim of increasing ADNOC's production capacity of crude oil to five million barrels per day by 2030 and achieving gas self-sufficiency in the UAE.

Through these 15-year contracts, ADNOC Drilling's advanced drilling fleet will enable the ADNOC Group and its international strategic partners to optimize the exploitation of Abu Dhabi's offshore oil and gas resources, creating significant value for the UAE, ADNOC and its partners. .

More than 80% of the value of the two contracts will be redirected to the local economy through the "ADNOC" program to enhance the local added value, which supports growth and economic diversification in the UAE.

Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Managing Director and CEO of ADNOC and its group of companies, said: “In line with the directives of the wise leadership and within (ADNOC) efforts to implement its ambitious 2030 strategy for smart growth, this huge investment comes to participate in the expansion of the group’s drilling operations to accelerate Growth, value enhancement and responsible use of the UAE's hydrocarbon resources to meet the growing demand for energy and support sustainable economic growth.

ADNOC Drilling’s advanced drilling fleet and its pioneering capabilities are an essential enabler of ADNOC’s plans to establish itself as a leading and reliable supplier of low-cost energy and emissions.”

Drilling rigs, operating teams and equipment will be rented to support drilling operations in ADNOC Offshore's fields, which produce about half of ADNOC's production capacity. 

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