Abu Dhabi National Oil Company invested over $760 million across three contracts as it plans to boost its production capacity to 5 million barrels per day by 2030, state news agency WAM reported on Wednesday.
ADNOC has invested $763.7m (AED2.8 billion) in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields. ADNOC Offshore awarded three contracts to Schlumberger, ADNOC Drilling, and Halliburton following a tender process.
Ahmad Saqer Al-Suwaidi, CEO of ADNOC Offshore, said, “These contracts are an important contributor to ADNOC Offshore’s plans to build our production capacity to over 2 million barrels a day in the coming years to support the ADNOC Group’s smart growth strategy.”
Schlumberger’s share of the award is valued at US$381.18m (AED1.4bn); ADNOC Drilling’s share is valued at $228.71m (AED839.58m), and Halliburton’s share is valued at $153.87m (AED564.85m).
Over 80 percent of the total award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) programme over the five-year duration of the contracts.
“These important awards for integrated rigless services will drive efficiencies of drilling and related services, and optimise costs in our offshore operations as we ramp up our drilling activities to increase our production capacity and enable gas self-sufficiency for the UAE,” said Yaser Saeed Almazrouei, ADNOC upstream executive director.
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