PHOTO
Abu Dhabi National Oil Company (ADNOC) has awarded framework agreements worth 2.4 billion dirhams ($658 million), as it looks to further expand drilling operations and crude oil production capacity.
The awards cover the state oil giant's onshore and offshore fields and will run for five years with an option for a further two years, according to a statement on Thursday.
The new deals will enable ADNOC to drill thousands of new wells. They take the total value of ADNOC's drilling-related framework agreements and procurement awards since November 2021 to more than $8.5 billion.
The agreements will also be beneficial for the UAE, with 65 percent of the award value expected to flow back into the local economy, while skilled employment opportunities will be created for UAE nationals.
"The awards for cementing services will support the ongoing expansion of ADNOC's drilling activities as we grow our production capacity," said Yaser Saeed Almazrouei, ADNOC Upstream Executive Director.
The latest framework agreements were awarded to Haliburton Worldwide Limited Abu Dhabi (Halliburton), Baker Middle East (Baker), Emirates Western Oil Well Drilling & Maintenance Co. (Emirates Western),
NESR Energy Services (NESR) and Emjel Oil Field Services (Emjel), following a tender process.
(Reporting by Cleofe Maceda; editing by Seban Scaria)
