ADNOC invests $6 billion in drilling

Abu Dhabi

ABU DHABI, November 17, 2021 – Abu Dhabi National Oil Company has announced spending of around USD 6 billion on drilling contracts to up its capacity to 5 million bopd by 2030, the UAE’s state-owned E&P company announced on Wednesday.

The 10-year contracts for procurement of wellheads and related equipment are worth USD 3.27 billion and were signed by UAE agents for TechnipFMC and Baker Hughes in an equal split. The size of the award in this category is the biggest in history.

Abu Dhabi National Oil Company also made deals for downhole completion equipment and related services for USD 2.34 billion. Schlumberger’s scope of the work is worth USD 1.14 billion, while Weatherford’s is worth USD 931 million. The length of the contracts is five years with an optional two-year extension.

Further works for line hangers and cement accessories were handed out to UAE agents for Weatherford; Baker Hughes; Downhole Products, Best Pick General Trading; NeOz Energy; and Sledgehammer. These contracts add up to USD 337 million.

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