Page 4 - MEOG Week 44 2022

MEOG COMMENTARY MEOG

ADNOC hands out more

drilling work at ADIPEC

The state oil giant made more contract awards during this
week’s ADIPEC as it keeps up the upstream momentum.

UAE ABU Dhabi National Oil Co. (ADNOC) has ADNOC Drilling’s contract is valued at
awarded another $4bn worth of framework deals $1.6bn and its parent has now awarded more
entailing drilling services to support the compa- than $16bn worth of drilling-related equipment
WHAT: ny’s ongoing upstream expansion. and services in the past 12 months.
A further $4bn of drilling As has become customary, ADNOC used the The Emirati NOC is working to raise its oil
deals were handed out opportunity of Abu Dhabi’s ADIPEC conference production capacity of 4.2mn barrels per day or
this week for work to to announce the deals – three five-year inte- so to 5mn bpd by 2025, and up to 6mn bpd by the
support expansion of oil grated drilling fluids services (IDFS) contracts end of the decade.
production capacity. with an option for a further two years.
ADNOC’s drilling arm picked up one of Recent deals
WHY: the contracts, with Schlumberger, recently On October 10, ADNOC announced that it had
ADNOC has now awarded rebranded as SLB, and Halliburton winning the handed its subsidiary $1.53bn worth of drilling
more than $16bn worth other two. work covering the provision of 12 jack-ups, two
of contracts for drilling in The deals are the latest in a series aimed at island rigs and associated integrated drilling ser-
the last year. achieving ADNOC’s short- and longer-term oil vices (IDS) for a period of two years.
production goals. Three days later, ADNOC said it had awarded
WHAT NEXT: a $980mn, 15-year deal to its subsidiary for the
The NOC is working to Latest announcement hire of two jack-up offshore rigs and associated
reach 5mn bpd by 2025, ADNOC’s upstream executive director, Yaser manpower and equipment.
with a notional target of Saeed Almazrouei, said: “These record frame- On this occasion, Almazrouei said that the
6mn bpd by 2030. work agreements for integrated drilling fluids award “supports our ongoing efforts to responsi-
services continue ADNOC’s significant invest- bly unlock our lower-carbon intensity oil and gas
ment in drilling-related services to enable the resources, alongside our strategic international
expansion of our production capacity and partners, and contribute to global energy secu-
responsibly unlock the UAE’s leading low-cost, rity. ADNOC Drilling’s world-class capabilities
lower-carbon intensity hydrocarbons.” continue to be a key enabler of these efforts.”

P4 www. NEWSBASE .com Week 44 02•November•2022