ADNOC dishes out $1.5bn offshore contract
Abu Dhabi-based ADNOC announced on October 10 the award of a $1.53bn offshore contract to its drilling unit, for the provision of jack-up and island rigs and associated integrated drilling services.
The contract runs for two years and will see ADNOC Drilling provide 12 jack-up rigs and two island rigs. The contractor's status as the bigger drilling firm in the region by rig fleet size would "drive value and efficiencies while minimising environmental impact," ADNOC said.
ADNOC Drilling has been expanding its rig fleet recently through purchases. In late September, it announced it had agreed to buy two more jack-ups for $140mn, without disclosing the seller. It is targeting a fleet size of 122 units by the end of 2024, up from 96 as of October 2021.
ADNOC aims to boost its oil production capacity to 5mn barrels/day by 2030 while also developing more of its gas resources to make the UAE gas self-sufficient.