The Abu Dhabi National Oil Company (ADNOC) announced today that ADNOC Drilling has been granted two contracts totaling more than $3.4 billion to employ eight jack-up offshore rigs. The contracts, valued at $1.5 billion and $1.9 billion, respectively, were given out by ADNOC Offshore and will enable the UAE to become self-sufficient in gas as well as the increase of ADNOC’s crude oil production capacity to five million barrels per day by 2030.
ADNOC and its strategic international partners will be able to further unlock Abu Dhabi’s offshore oil and gas resources over the course of the 15-year contracts thanks to ADNOC Drilling’s cutting-edge rig fleet, which will result in considerable wealth creation for ADNOC, its partners, and the UAE.
Under ADNOC’s successful In-Country Value (ICV) initiative, more than 80% of the awards’ value will be reinvested in the UAE’s economy, fostering regional economic expansion and diversification.
Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said: “This world-leading investment will significantly expand our drilling activity to accelerate growth, drive value and responsibly unlock the UAE’s resources in response to globally rising demand for energy.”
To support drilling activities across ADNOC’s offshore fields, which make up nearly half of ADNOC’s production capacity, the jack-up rigs will be contracted together with labor and equipment.