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ADNOC dishes out drilling deals worth nearly $2 billion for thousands of new wells

UAE’s ADNOC has awarded framework agreements to 4 oilfield services providers valued at $1.94 billion to enable drilling growth in its operations

ADNOC dishes out drilling deals worth nearly $2 billion for thousands of new wells

Abu Dhabi, February 21 - Neftegaz.RU. The awards build on ADNOC’s recent record investments in drilling-related equipment and services, support its strategy to boost crude oil production capacity to 5 million barrels per day (mmbpd) by 2030 and drive gas self-sufficiency for the UAE, ADNOC explained in a statement.

According to the UAE’s giant, the framework agreements for wireline logging and perforation services are the largest of such awards in the oil & gas industry and were awarded to ADNOC Drilling, Schlumberger, Haliburton and Weatherford, following a competitive tender process.

The framework agreement awards cover ADNOC’s onshore & offshore fields and will run for 5 years with an option for a further 2 years.
The selected companies will work to identify local manufacturing opportunities and create employment opportunities for UAE Nationals.

It is worth reminding that ADNOC Drilling, Schlumberger, and Halliburton last year secured contracts with ADNOC related to integrated rigless services across 6 of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields.

Ahmed Al Jaber, ADNOC Managing Director & Group CEO, said about the latest awards:
  • The framework agreements announced today are a continuation of ADNOC’s unprecedented investment in services to 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
ADNOC Drilling’s share of the awards is the largest and it covers services including cased hole and open hole as well as perforation.
This reflects the company’s expanded service profile as a result of its transformation into a fully Integrated Drilling Services company following the award to Baker Hughes of a 5 % share in the company in 2018.

As recently reported, ADNOC Drilling is only 1 rig shy of 100 following the addition of 2 more jack-up rigs to its offshore operations.

ADNOC pointed out that these framework agreements will support its requirement to drill thousands of new wells to expand its production capacity and remain a leading low-cost, low-carbon oil producer.
The awards will also enable hundreds of millions of dollars in cost savings.

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