ADNOC Drilling to work on UAE’s Upper Zakum field
ABU DHABI, April 14, 2023 – ADNOC Drilling has signed a USD 412-million contract with ADNOC Offshore for integrated drilling services on the Upper Zakum field in the UAE, the Emirati oilfield services entity announced on Thursday.
The five-year deal will see Abu Dhabi’s largest producing offshore field raise its production to 1.2 million boepd.
The company saw net profits increase by 33% year-on-year to a record USD 802 million in 2022. Company revenue for the year stood at USD 2.67 billion
The new contract is expected to add around 20% to the company’s annual revenue in 2023.
The government plans to up Abu Dhabi’s production from 4 million boepd to 5 million boepd by 2027.
In February 2023, ADNOC Drilling earmarked up to USD 2.5 billion to grow its rig fleet size in the next two years.
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