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More than 80% of the deal’s value will flow back to the country’s economy under the oil company’s domestic value (ICV) scheme
Photo: Wamm
On Thursday, the Abu Dhabi National Oil Company (Adnoc) announced a 3.6 billion dirham ($980 million) contract with Adnoc Drilling to lease two jack-up offshore drilling rigs along with associated equipment and manpower.
The contract, awarded by Adnoc Offshore, will support Adnoc’s capacity expansion to meet the growing global demand for low carbon intensity oil and gas.
Adnoc Drilling is the largest national drilling company in the Middle East in terms of drillship fleet size. The award will leverage the company’s world-class expertise and state-of-the-art drilling fleet to further unlock the UAE’s offshore energy resources.
Under Adnoc’s Domestic Value (ICV) scheme, more than 80% of the contract value will flow back to the UAE economy, supporting local economic growth and diversification.
Adnoc Upstream Executive Director Yaser Saeed Almazrouei said:
“This jack-up rig lease contract supports us with strategic international partners to responsibly release our low carbon intensity oil and gas resources and contribute to global energy security. Adnoc Drilling’s world-class capabilities remain achievable A key driver of this goal is these efforts.”
“Importantly, the award will also bring tremendous domestic value to drive economic growth and diversification, based on the wise direction of the UAE leadership.”
The contract brings the total value awarded to Adnoc Drilling by Adnoc Offshore to AED21.84 billion ($5.95 billion) in 2022 to maximize the value of Abu Dhabi’s offshore oil and gas resources.
Just this month, Adnoc Drilling was awarded a contract worth AED 5.58 billion ($1.52 billion) to provide jack-up and island drilling rigs and associated Integrated Drilling Services (IDS). This follows two contracts worth AED 12.59 billion ($3.43 billion) in August to lease eight jack-up rigs.
Adnoc Offshore is supporting Adnoc’s efforts to expand production capacity to 5 million barrels per day (mbpd) by 2030 and achieve the UAE’s gas self-sufficiency. Adnoc Drilling’s support is critical to achieving these strategic goals.
Adnoc Drilling’s rig fleet has 105 owned rigs, including 28 offshore jack-ups, making it one of the largest jack-up rig fleets in the world.
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