ADNOC invests heavily in Drilling-related Services
The Abu Dhabi National Oil Company (ADNOC) announced today, an investment of $763.7 million (AED2.8 billion) in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields to support its production capacity expansion to 5 million barrels per day (mmbpd) by 2030.
The investment is in the form of three contracts awarded by ADNOC Offshore to Schlumberger, ADNOC Drilling, and Halliburton after a competitive tender process. Schlumberger’s share of the award is valued at $381.18 million (AED1.4 billion); ADNOC Drilling’s share is valued at $228.71 million (AED839.58 million), and Halliburton’s share is valued at $153.87 million (AED564.85 million).
Over 80% of the total award value will flow back into the United Arab Emirate’s (UAE) economy under ADNOC’s In-Country Value (ICV) program over the 5-year duration of the contracts, reinforcing ADNOC’s commitment to ensuring more economic value remains in the country from the contracts it awards.
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