Abu Dhabi National Oil Company (ADNOC) has announced the award of a contract worth USD 980M (AED 3.6bn) to ADNOC Drilling to hire two jack-up offshore rigs and associated manpower and equipment. The contract, awarded by ADNOC Offshore, will support the expansion of ADNOC’s production capacity as it responds to the growing global demand for lower carbon-intensity oil and gas.
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size and this award will leverage the company’s world-class expertise and state-of-the-art rig fleet to further unlock the UAE’s offshore energy resources. Over 80% of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program, supporting local economic growth and diversification.
This award brings the total value of awards from ADNOC Offshore to ADNOC Drilling in 2022 to USD 5.95bn (AED 21.84bn) to maximize value from Abu Dhabi’s offshore oil and gas resources. In October, ADNOC Drilling was awarded a contract worth USD 1.52bn (AED 5.58bn) for the provision of jack-up and island rigs and associated Integrated Drilling Services. This followed two awards in August worth USD 3.43bn (AED 12.59bn) to hire eight jack-up rigs.
ADNOC Offshore is supporting ADNOC’s drive to expand production capacity to five million barrels per day (mbpd) by 2030 and enable gas self-sufficiency for the UAE, and ADNOC Drilling is critical to delivering on these strategic objectives.