Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

ADNOC Awards Agreements Worth $658 Million to Local, International Firms

ADNOC Awards Agreements Worth $658 Million to Local, International Firms

Friday, 18 March, 2022 - 06:45
Skilled employment opportunities will be created for UAE Nationals by successful companies who will also work to identify local manufacturing opportunities. (WAM)

Abu Dhabi National Oil Company (ADNOC) announced awarding deals valued at $658 million (AED2.4 billion) for cementing services.

The framework agreements were awarded to Haliburton Worldwide Limited Abu Dhabi (Halliburton), Baker Middle East (Baker), Emirates Western Oil Well Drilling & Maintenance Co. (Emirates Western), NESR Energy Services (NESR) and Emjel Oil Field Services (Emjel), following a competitive tender process, state news agency WAM reported.

These awards cover ADNOC's onshore and offshore fields and will run for five years with an option for a further two years. Over 65 percent of the award value could flow back into the UAE economy under ADNOC's In-Country Value program throughout the agreements.

Yaser Saeed Almazrouei, ADNOC Upstream Executive Director, said in this regard: "The awards for cementing services will support the ongoing expansion of ADNOC's drilling activities as we grow our production capacity, strengthening our position as a reliable global supplier of some of the world's most carbon-efficient barrels.

"In line with the UAE Leadership's wise directives and as part of our strategy, we are prioritizing in-country value, and these awards will enable careers for UAE Nationals and new opportunities for the private sector, directly supporting the objectives of the UAE's Principles of the 50."

The award for cementing services takes the total value of ADNOC's drilling-related framework agreements and procurement awards since November 2021 to over $8.5 billion (AED31.2 billion). These awards will support ADNOC's requirement to drill thousands of new wells as it increases its crude oil production capacity to five million barrels per day (mmbpd) by 2030 and drives gas self-sufficiency for the UAE.

Editor Picks