Adnoc concludes $ 1.94 billion deal to increase oil production capacity

The National Oil Company of Abu Dhabi (Adnoc) has awarded framework agreements totaling $ 1.94 billion (7.1 billion dirhams) for logging and perforation services.

Framework agreements have been concluded with Schlumberger Middle East, Adnoc Drilling, Haliburton Worldwide Limited Abu Dhabi and Weatherford Bin Hamoodah Company.

The awards are part of Adnoc’s drilling growth plan, while contributing to its goal of increasing crude oil production capacity to five million barrels per day (MBR / day) by 2030.

Adnoc Drilling will be responsible for providing coating services, including casing and open holes, as well as perforation.

Adnoc CEO and Group CEO and UAE Minister of Industry and Advanced Technology Dr Sultan Ahmed Al Jaber said: “The framework agreements announced today are a continuation of ADNOC’s unprecedented investment in services that expand the drilling activities needed for responsible unlock leading UAE. low-cost and low-carbon oil, as well as the country’s gas resources.

“These awards not only support our strategy until 2030, but are expected to deliver more than 80% of the country’s value to the UAE and will be in line with the ’50s Principles’ of the UAE’s economic plan for sustainable growth.”

The awards under the framework agreement, which will run for five years, cover onshore and offshore Adnoc oil and gas fields. It will also include a two-year extension option.

Adnoc said the awards under the framework agreement would support its demand to drill thousands of new wells as part of a capacity expansion plan.

In November 2021 ADNOC has entered into contracts worth about $ 6 billion (22 billion dirhams) for well wells and related components, well completion equipment and related services, as well as liner suspensions and cementing accessories.

The five-year awards can be extended for another two years.

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