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The Abu Dhabi National Oil Company (ADNOC) has awarded a major drilling contract to its subsidiary.
ADNOC Drilling will receive $980 million for the purchase of two offshore drilling rigs and supporting equipment and manpower. ADNOC says The new rig will be dedicated to finding oil and gas off the coast of the United Arab Emirates, a statement said, adding that the contract will help “maximize the value of Abu Dhabi’s offshore oil and gas resources”.
Why it matters: The UAE is rich in oil and gas, especially Abu Dhabi. This makes the Gulf states significant in global energy politics. Last month, ADNOC come to an agreement Working with a German company to supply them with LNG. Like other European countries, Germany is seeking to reduce its reliance on Russian gas in response to the Ukrainian invasion and ahead of European winter.
UAE entities have Investing heavily in green technology and renewables, but oil and gas remain responsible about one third UAE economy.
ADNOC announced a major new natural gas discoveries Off the coast of Abu Dhabi in July. In May, they announced three new oil discoveries.
understand more: oil prices have Substantial Increase This year, it may soon be higher. Last week, OPEC (of which the UAE is a member) and Russia announced deep production cuts for November.Biden administration openly criticize saudi arabia – OPEC’s largest producer – on the decision.
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