The Abu Dhabi National Oil Co. (ADNOC) has awarded framework agreements valued at US$1.94bn to grow its drilling business
The framework agreements for wireline logging and perforation services have been awarded to ADNOC Drilling, Schlumberger Middle East S.A., Halliburton Worldwide Ltd Abu Dhabi and Weatherford Bin Hamoodah Company LLC.
The company is pushing forward its strategy to boost crude oil production capacity to five million bpd by 2030 and make the UAE self-sufficient in gas.
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.
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% of in-country value to the UAE and "align with the UAE’s ‘Principles of the 50’ economic blueprint for sustainable growth."
