The Abu Dhabi National Oil Company (ADNOC) announced investments worth up to almost $6 billion to boost drilling growth and help increase its crude oil production capacity to 5 million barrels per day (mmbbl/d) by 2030. This is also promotes gas self-sufficiency for the UAE.

The company explained that these investments include procurement awards to world class contractors for Wellheads and related components, Downhole Completion Equipment (DCE) and related services, and Liner Hangers and Cementing Accessories. It is estimated that up to 60% of the total value of the awards could flow back into the UAE’s economy.

The procurement award for wellheads and related components was secured by Gulf Automation Services & Oilfield Supplies (GASOS), UAE agents for TechnipFMC, and Al Ghaith Oilfield Supplies & Services Company, UAE agents for Baker Hughes with investments $3.27 billion.

Meanwhile, the procurement award for Downhole Completion Equipment and related services is worth up to $2.34 billion and was secured Schlumberger Middle East S.A (Schlumberger) and Weatherford Bin Hamoodah Company L.L.C (Weatherford) secured the awards.

Moreover, the procurement award for Liner Hangers and Cementing Accessories is worth up to $337 million. The award for liner hangers was made to Weatherford Bin Hamoodah, UAE agents for Weatherford and Uni-Arab Engineering & Oilfield Service, UAE agents for Baker Hughes, while the award for Cementing Accessories was made to Al Ghaith Oilfield Supplies & Services Company Ltd, UAE agents for Downhole Products, Best Pick General Trading LLC, UAE agents for NeOz Energy, and Al Mansoori Specialized Engineering LLC, UAE agents for Sledgehammer.

It is worth noting that the awards are expected to enable hundreds of millions of dollars in cost savings.