Abu Dhabi National Oil Company (ADNOC) announced that it has awarded two contracts totalling more than $3.4bn (Dhs12.6 billion) to ADNOC Drilling to hire eight jack-up offshore rigs.
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 contracts, valued at $1.5bn (Dhs5.6bn) and $1.9bn (Dhs7bn) respectively, awarded by ADNOC Offshore, will 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 the life of the 15-year contracts, ADNOC Drilling’s rig fleet will enable ADNOC and its strategic international partners to further unlock Abu Dhabi’s offshore oil and gas resources, creating significant value for ADNOC, its partners and the UAE.
Over 80 per cent of the value of the awards will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) program, supporting local economic growth and diversification.