Adnoc signs deals worth $1.94 billion to increase oil production capacity

The Abu Dhabi National Oil Company (Adnoc) has reward master agreements worth a total of $1.94 billion (AED7.1 billion) for wireline logging and perforating services.

Framework agreements have been awarded to Schlumberger Middle East, Adnoc Drilling, Haliburton Worldwide Limited Abu Dhabi and Weatherford Bin Hamoodah Company.

The awards are part of Adnoc’s plan to enable drilling growth while contributing to its goal of increasing its crude oil production capacity to five million barrels per day (MMbpd) by 2030.

Adnoc Drilling will be responsible for providing cover services including cased hole and open hole, as well as perforating.

Adnoc Managing Director and Group CEO and Minister of Industry and Advanced Technology of the United Arab Emirates, Dr. Sultan Ahmed Al Jaber, said: “The framework agreements announced today build on of ADNOC’s unprecedented investment in services to enable the expansion of drilling activity needed to responsibly unlock the UAE’s leader. low-cost, low-carbon oil and gas resources in the country.

“Not only do these awards support our 2030 strategy, but they are expected to bring over 80% of national value to the UAE and align with the UAE’s ’50 Principles’ economic blueprint for sustainable growth.”

The five-year framework agreements cover Adnoc’s onshore and offshore oil and gas fields. It will also include an option for a two-year extension.

Adnoc said the master agreement awards will support its requirement to drill thousands of new wells as part of its production capacity expansion plan.

In November 2021, ADNOC awarded contracts worth approximately $6 billion (AED22 billion) for wellheads and related components, downhole completion equipment and related services, as well as lining supports and cementing accessories.

Five-year fellowships can be extended for an additional two years.