ADNOC invests $1.83 million in drilling services

ADNOC invests $1.83 billion in drilling services

Abu Dhabi

ABU DHABI, September 1, 2022 – ADNOC has awarded framework agreements worth USD 1.83 billion to five companies for drilling services, the Emirati NOC announced on Wednesday.

Five-year contracts were signed with Al Ghaith Oilfield Supplies and Services Company, AlMansoori, Schlumberger, Halliburton and Weatherford, with options to extend a further two years.

The deals represent the largest award by the NOC for directional drilling and logging while drilling contracts.

Under the NOC’s In-Country Value programme, 75% of the award value is expected to enter the Emirati economy over the duration of the agreements.

The move is part of ADNOC’s aim to expand production capacity to 5 million bopd by 2030.

Since November 2021, the company has awarded drilling contracts worth more than USD 11 million, including for wellheads and related components, downhole completion equipment and related services, line hangers, cementing services, wireline logging and directional drilling.