Tarek Rizk, President for the Middle East and North Africa at SLB (formerly Schlumberger), said that, with its strategic location, advanced infrastructure and stable political climate, the UAE has always been an attractive destination for foreign investments, especially in the oil and gas sector.
Rizk told the Emirates News Agency (WAM) on the sidelines of this year's edition of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC 2023) that “the UAE has managed to enhance its appeal to global energy companies thanks to its commitment to innovation and sustainable energy practices”.
Rizk mentioned that SLB has always prioritised building robust relationships with its clients, channelling investments into local R&D facilities, and diversifying its service offerings in line with the aspirations of UAE's energy sector.
Rizk continued, “We take immense pride in supporting ADNOC's In-Country Value (ICV) programme. It resonates deeply with SLB's ethos of fostering local talent and investing in the nations where we operate. We also support the UAE’s vision of industrialising the value chain of the energy industry.”
He highlighted some of the company's ongoing initiatives, such as developing infrastructure through investment in a fully integrated, state-of-the-art AI-powered Centre of Excellence; expanding the UAE manufacturing prowess through the establishment of a world-class facility for downhole equipment, and promoting local content — not just internally but across the SLB's entire supply chain — to enable in-country manufacturing by local suppliers.
Rizk added,” Digital technology plays a pivotal role in enhancing operational efficiency and sustainability, as well as boosting people performance. Together with ADNOC, we're advancing the development of Intelligent Integrated Subsurface Modeling (IISM), a groundbreaking project harnessing the power of artificial intelligence (AI). The primary aim of IISM is to significantly accelerate field development planning, reducing the timeline from years to months. This substantial efficiency gain not only accelerates project delivery but also optimises people performance by enabling teams to focus on higher-value tasks.”
He pointed out that last year SLB was awarded a US$1.4 billion framework agreement by ADNOC for integrated drilling fluids services to support onshore and offshore production over the next five years. The services include drilling fluids, liquid mud plants, personnel and waste management.