Page 13 - MEOG Week 35 2022

MEOG NEWS IN BRIEF MEOG

The awards cover ADNOC’s onshore and will deliver substantial in-country value number of suppliers that provide stable and
offshore fields and will run for five years with for the nation to support economic growth reliable delivery at highly competitive rates.
an option for a further two years. Over 75% and diversification, in line with the UAE Since November 2021, ADNOC has awarded
of the award value could flow back into the Leadership’s wise directives.” drilling agreements worth over $11 billion
United Arab Emirates (UAE) economy under The framework agreement awards (AED40.37 billion) to top-tier contractors for
ADNOC’s In-Country Value program over will support ADNOC’s requirement to wellheads and related components, downhole
the duration of the agreements. drill thousands of new wells to expand its completion equipment and related services,
Yaser Saeed Almazrouei, ADNOC production capacity to five million barrels liner hangers, cementing services, wireline
Upstream Executive Director, said: “As per day (mmbpd) by 2030, enable gas self- logging and directional drilling.
ADNOC responds to rising global energy sufficiency for the UAE and remain a leading Directional drilling and logging while
demand, we are responsibly ramping up low-cost, low-carbon oil producer. The awards drilling entails controlling the direction
drilling activities to further unlock Abu will also enable hundreds of millions of dollars and deviation of a wellbore while drilling to
Dhabi’s oil and gas resources which have in cost savings. access oil and gas resources and measuring
some of the lowest carbon intensity in the ADNOC is optimising its procurement formation properties to enhance production.
world. These awards build on our ongoing approach to reflect market dynamics, focusing ADNOC
investments in drilling services and they on long-term contracts with an optimal

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