UAE – Mubasher: Abu Dhabi National Oil Company (ADNOC) has awarded $1.94 billion worth of framework agreements to enhance its drilling activities.
The five-year agreements for wireline logging and perforation services can be renewed for an additional two years, Emirates News Agency (WAM) reported on Thursday.
ADNOC has awarded the framework agreements to its listed subsidiary ADNOC Drilling, Schlumberger Middle East, Haliburton Worldwide Limited Abu Dhabi, and Weatherford Bin Hamoodah Company.
The agreement awards cover ADNOC’s onshore and offshore fields while boosting its crude oil production capacity to reach 5 million barrels per day (bpd) by 2030.
Managing Director and ADNOC's Group CEO, Sultan Ahmed Al Jaber, who is the UAE Minister of Industry and Advanced Technology, commented: "The framework agreements announced today are a continuation of ADNOC’s unprecedented investment in services to enable the expansion of drilling activity required to responsibly unlock the UAE’s leading low-cost and low-carbon intensity oil as well as the nation’s gas resources."
Al Jaber added: "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."
