The multinational oilfield services company Schlumberger and Abu Dhabi National Oil Company (Adnoc) launched a $100 million joint initiative, the Schlumberger Middle East Learning Centre, in Abu Dhabi.
Yousuf Omair Bin Yousuf, Secretary-General of the Supreme Petroleum Council (SPC) and Chief Executive Officer of Adnoc, and Andrew Gould, Schlumberger’s Chairman and Chief Executive Officer, inaugurated the first phase, with an investment of $40 million, in addition to $60 million to be invested with the completion of phase two by mid-2007. Phase three will include accommodation for the trainees.
Bin Yousuf said the goal behind this joint initiative is to provide essential advanced training for the oil and energy industry and is complete with state-of-the-art facilities and equipment including a custom-built training rig. Adnoc has donated the land on which the centre was built.
 Gould said the company expects two digit growths in 2007, especially after its record 30% growth in the Middle East and Asia in 2006.
"Our revenues in 2006 were $19.3 billion, the region’s share is about $4 billion to $5 billion," said Gould.
Gould added even with the high prices, the fast growing demand for oil, will continue in 2007, supported by continuous exploration and production projects in the Gulf.
(Gulf News)