ABU DHABI – Abu Dhabi National Oil Company (ADNOC) announced today two contracts totaling more than USD 3.4 billion (AED12.6 billion) have been awarded to ADNOC Drilling to hire 8 jack-up offshore rigs.
The contracts, valued at USD 1.5 billion (AED 5.6 billion) and USD 1.9 billion (AED 7 billion) respectively, awarded by ADNOC Offshore, will support the expansion of ADNOCโs crude oil production capacity to five million barrels per day (mmbpd) by 2030 and enable gas self-sufficiency for the UAE.
Over the life of the 15-year contracts, ADNOC Drillingโs state-of-the-art rig fleet will enable ADNOC and its strategic international partners to further unlock Abu Dhabiโs offshore oil and gas resources, creating significant value for ADNOC, its partners and the UAE.
Over 80 percent of the value of the awards will flow back into the UAEโs economy under ADNOCโs successful In-Country Value (ICV) programme, supporting local economic growth and diversification.
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 UAEโs resources in response to globally rising demand for energy. ADNOC Drillingโs 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 UAEโs economy.”
The jack-up rigs will be hired along with manpower and equipment to support drilling operations across ADNOCโs offshore fields, which account for about half of ADNOCโs 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.
The companyโs expansive rig fleet and market leading expertise remain key drivers in its ability to win and service large-scale drilling contracts for customers such as ADNOC Offshore, and to enable the unlocking of significant potential in Abu Dhabiโs waters.
ADNOC recently awarded ADNOC Drilling two further substantial contracts totalling USD 2 billion (AED 7.49 billion) for integrated drilling services and the provision of Island Drilling Units at its Hail and Ghasha Gas Development Project.
