Abu Dhabi: ADNOC Drilling has been awarded two contracts totalling over $3.4 billion (Dh12.6 billion) to hire eight jack-up offshore rigs.
The two contracts – valued at $1.5 billion and $1.9 billion – were awarded by ADNOC Offshore to support the expansion of ADNOC’s crude oil production capacity to five million barrels per day (mmbpd) by 2030 and enable gas self-sufficiency for the UAE.
Over 80 per cent of the value of the awards will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program, supporting local economic growth and diversification.
Over the life of the 15-year contracts, ADNOC Drilling’s rig fleet will enable ADNOC and its international partners to further unlock Abu Dhabi’s offshore oil and gas resources, creating significant value for ADNOC, its partners and the UAE.
Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: “This world-leading investment will significantly expand our drilling activity to accelerate growth, drive value and responsibly unlock the UAE’s resources in response to globally rising demand for energy. ADNOC Drilling’s state-of-the-art fleet and market-leading capabilities, will be a key enabler as ADNOC strengthens its position as a leading low-cost and low-carbon energy producer. We are focused on delivering on our 2030 strategy, in support of the directives of our wise leadership to grow and diversify the UAE’s economy.”
The jack-up rigs will be hired along with manpower and equipment to support drilling operations across ADNOC’s offshore fields, which account for about half of ADNOC’s production capacity.
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, with 105 owned rigs, including 27 offshore jack-up units, one of the largest operational jack-up fleets in the world.
ADNOC recently awarded ADNOC Drilling two contracts totalling $2 billion for integrated drilling services and the provision of Island Drilling Units at its Hail and Ghasha Gas Development Project.