News

ADNOC signs $3.8 billion agreement to boost oil production

  • 09 December, 2021
  • 5:58 pm EET

The Abu Dhabi National Oil Company (ADNOC) has developed an integrated strategy to promote growth in the field of drilling activities; To increase its production capacity of crude oil to 5 million barrels per day by 2030, and achieve self-sufficiency in natural gas.

In this context, ADNOC Drilling, a subsidiary of the group, announced the signing of an agreement with ADNOC Onshore to continue providing its services in the field of drilling, maintenance and preparation of wells and related services, for a period of 5 years, with a total value of $3.8 billion.

The agreement aims to enhance the efficiency of work crews, reduce rig transportation time and improve maintenance schedules. What a benefit to ADNOC Drilling and ADNOC Onshore.

The Abu Dhabi National Oil Company recently announced a significant increase in the UAE’s reserves; It includes 4 billion barrels of oil and 16 trillion standard cubic feet of natural gas, bringing the reserves of hydrocarbon resources to 111 billion barrels of oil equivalent and 289 trillion standard cubic feet of natural gas.

 

Well preparation services

The new agreement underscores ADNOC Drilling’s unique position as an exclusive provider of well drilling and workover services to the ADNOC Group companies and ADNOC Drilling’s ambitious growth and expansion plans.

For his part, ADNOC Drilling CEO Abdulrahman Abdullah Al-Saiari said: “We are proud of our solid and valuable partnership with ADNOC Onshore, and the award of the contract contributes to strengthening the distinguished partnership that has lasted for 50 years.”

He added, “We seek to work to enhance and increase the value of ADNOC and the UAE, and achieve the objectives of the 2030 strategy represented in increasing its production capacity of crude oil and contributing to achieving self-sufficiency in gas.”

 

ADNOC Drilling profits

ADNOC Drilling announced its earnings on November 10, 2021; It recorded strong growth during the third quarter and the first 9 months of this year, following the successful listing of a share of its shares on the Abu Dhabi Securities Exchange on October 3 of this year.

ADNOC Drilling’s growth and development plan includes the expansion of its operations outside the UAE and the continuous development of the services it provides in the field of drilling and preparing oil wells.

ADNOC Drilling is the only national company in the region that provides integrated services for drilling and preparing oil and gas wells, and since 2018, the company has achieved savings of more than $250 million by delivering a number of wells to its customers.

 

SOURCE : ATTAQQA

Reliable Trading since 2012