Adnoc awards $1.53bn offshore operations contract

Abu Dhabi National Oil Company (Adnoc) said it has awarded a two-year contract worth $1.53 billion to its key subsidiary Adnoc Drilling which covers the provision of 12 jack-up rigs and two island rigs and the associated integrated drilling services. 
 
The contract award supports the expansion of Adnoc’s offshore operations and its objective to responsibly increase production capacity and meet the growing global demand for reliable, lower carbon-intensity oil and gas.
 
Adnoc said this award will leverage its drilling unit’s start-to-finish offering as well as its position as the largest drilling company in the region by rig fleet size to drive value and efficiencies while minimizing environmental impact.
 
The Abu Dhabi group pointed out that over 80% of the award value will flow back into the UAE’s economy under its In-Country Value (ICV) programme, supporting local economic growth and diversification.
 
Adnoc Upstream Executive Director Yaser Saeed Almazrouei said: "Through this award, Adnoc Offshore will continue to responsibly harness the energy in Abu Dhabi’s waters, as we increase production capacity to meet the world’s growing demand for energy with lower carbon intensity oil and gas."
 
This award will support the expansion of Adnoc’s crude oil production capacity to five million barrels per day (mmbpd) by 2030 and gas self-sufficiency for the UAE, he added.