ADNOC Drilling awards $2 Billion in Contracts

28 Jul ADNOC Drilling awards $2 Billion in Contracts

Abu Dhabi National Oil Company (ADNOC) announced the award of two substantial contracts totaling $2 billion (AED 7.49 billion) to ADNOC Drilling for the Hail and Ghasha Development Project. The contracts comprise $1.3 billion (AED 4.89 billion) for integrated drilling services and fluids, and $711 million (AED 2.6 billion) for the provision of four Island Drilling Units. A third contract, valued at $681 million (AED 2.5 billion), was also awarded to ADNOC Logistics & Services for the provision of offshore logistics and marine support services.

Overall, more than 80% of the value of the awards will flow back into the UAE’s economy under ADNOC’s successful In-Country Value (ICV) program and all three of the contracts will cover the Hail and Ghasha drilling campaign for a maximum of ten years.

The Hail and Ghasha Development Project is part of the Ghasha Concession which is the world’s largest offshore sour gas development and a key component of ADNOC’s integrated gas masterplan as well as an important enabler of gas self-sufficiency for the United Arab Emirates (UAE).

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