The two 15-year contracts, worth AED 5.6 billion and AED 7 billion respectively, will help push crude oil production to 5 million barrels per day by 2030.
Abu Dhabi National Oil Company (ADNOC) has signed two contracts totaling over AED 12.6 billion to its subsidiary ADNOC Drilling to lease eight hub offshore rigs, WAM said on Thursday.
Abu Dhabi’s ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, with 105 owned rigs, including 27 offshore jack-up units, one of the largest operational jack-up fleets in the world.
The two contracts, spanning 15 years, are valued at AED5.6 billion and AED7 billion, respectively, and are in line with the expansion of ADNOC’s crude oil production capacity to five million barrels per day by 2030 and enable gas self-sufficiency for the UAE,” the statement said.
“This world-leading investment will significantly expand our drilling activity to accelerate growth, drive value and responsibly unlock the UAE’s resources in response to globally rising demand for energy,” ADNOC’s managing director, group chief executive officer and minister of industry and advanced technology Dr. Sultan Ahmed Al Jaber said.
Al Jaber said ADNOC Drilling’s “state-of-the-art fleet and market-leading capabilities, will be a key enabler as ADNOC strengthens its position as a leading low-cost and low-carbon energy producer,” adding this boost the oil company’s efforts to achieve the 2030 strategy.
Along with the jack-up rigs, manpower will be hired as well as equipment to support drilling operations across ADNOC’s offshore fields.
The company’s expansive rig fleet and market-leading expertise “remain key drivers,” the statement said, which will enable the company to unlock significant potential in the emirate’s waters.
“Over 80 percent of the value of the awards will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) programme, supporting local economic growth and diversification,” the statement mentioned.
