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The Abu Dhabi National Oil Co. (ADNOC) has awarded framework agreements valued at $1.94 billion to grow its drilling business, the oil giant said on Thursday.
The company is pushing forward its strategy to boost crude oil production capacity to five million barrels per day (mmbpd) by 2030 and make UAE self-sufficient in gas.
The framework agreements for wireline logging and perforation services have been awarded to ADNOC Drilling, Schlumberger Middle East S.A, Haliburton Worldwide Limited Abu Dhabi and Weatherford Bin Hamoodah Company LLC.
ADNOC Drilling's share of the awards is the largest and it covers services including cased hole and open hole, as well as perforation, the state-owned oil company said in a statement.
The agreement awards cover ADNOC’s onshore and offshore fields and will run for five years with an option for a further two years.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said the agreements will enable the expansion of "drilling activity required to responsibly unlock the UAE’s leading low-cost and low-carbon intensity oil as well as the nation’s gas resources."
He said they are expected to deliver over 80 percent of in-country value to the UAE and "align with the UAE’s ‘Principles of the 50’ economic blueprint for sustainable growth."
(Reporting by Brinda Darasha; editing by Cleofe Maceda)
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