ADNOC Drilling Gets $3.4B Worth Of Jack-Up Deals
Abu Dhabi National Oil Company (ADNOC) has awarded two contracts totaling more than $3.4 billion to ADNOC Drilling for 8 jack-up offshore rigs.
The contracts, valued at $1.5 billion and $1.9 billion, respectively, awarded by ADNOC Offshore, will support the expansion of ADNOC’s crude oil production capacity to five million barrels per day by 2030 and enable gas self-sufficiency for the UAE.
Over the life of the 15-year contracts, ADNOC Drilling’s rig fleet will enable ADNOC and its strategic international partners to further unlock Abu Dhabi’s offshore oil and gas resources, creating significant value for ADNOC, its partners, and the UAE.
Over 80 percent of the value of the awards will flow back into the UAE’s economy under ADNOC’s successful In-Country Value program, supporting local economic growth and diversification.
“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. ADNOC Drilling’s state-of-the-art fleet and market-leading capabilities will be a key enabler as ADNOC strengthens its position as a leading low-cost and low-carbon energy producer. We are focused on delivering on our 2030 strategy, in support of the directives of our wise leadership to grow and diversify the UAE’s economy,” Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, said.
The jack-up rigs will be hired along with manpower and equipment to support drilling operations across ADNOC’s offshore fields, which account for about half of ADNOC’s production capacity. ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, with 105 owned rigs, including 27 offshore jack-up units, one of the largest operational jack-up fleets in the world.
The company’s expansive rig fleet and market-leading expertise remain key drivers in its ability to win and service large-scale drilling contracts for customers such as ADNOC Offshore, and to enable the unlocking of significant potential in Abu Dhabi’s waters.
It is worth noting that ADNOC recently awarded ADNOC Drilling two further substantial contracts totaling $2 billion for integrated drilling services and the provision of Island Drilling Units at its Hail and Ghasha Gas Development Project.
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