Abu Dhabi national oil company or ADNOC announced a framework agreement valued at Dh 7.1 billion to enable drilling growth. The investment of adnoc in drilling related equipments and services support its strategy to boost the crude oil production capacity to 5 million barrels per day.
Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Adnoc managing director and Group CEO, said: “The framework agreements announced today are a continuation of Adnoc’s unprecedented investment in services to enable the expansion of drilling activity required to responsibly unlock the UAE’s leading low-cost and low-carbon intensity oil as well as the nation’s gas resources. Not only do these awards support our 2030 strategy, they are expected to deliver over 80 per cent of In-Country Value to the UAE and align with the UAE’s ‘Principles of the 50’ economic blueprint for sustainable growth.”
The framework agreement provides more opportunities for skilled employees among the UAE nationals. Furthermore, this agreement supports Adnoc’s requirement to drill thousands of new wells in order to expand their production capacity.
ADNOC is optimizing the 2030 strategy to reflect market dynamics. They focus on long-term contracts with optimized number of suppliers who provide stable and reliable delivery at competitive rates.