ADNOC spends $1.94 bln on upping production
ABU DHABI, February 18, 2022 – ADNOC has signed framework agreements worth USD 1.94 billion for drilling equipment and services on plays in the UAE, the Emirati NOC announced on Thursday.
Works are to be done in onshore and offshore areas and will run for five years.
The wireline logging and perforation services contracts are lauded as the largest ever in the oil and gas industry. These were handed out to ADNOC Drilling Company, Schlumberger, Halliburton and Weatherford.
The move is aligned with the UAE’s strategy to up production to 5 billion bopd by 2030.
“Not only do these awards support our 2030 strategy, 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,” said Sultan Ahmed Al Jaber, managing director and CEO of Abu Dhabi National Oil Company.