$3.4bn ADNOC Drilling contracts set to enable gas self-sufficiency for the UAE ...United Arab Emirates

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$3.4bn ADNOC Drilling contracts set to enable gas self-sufficiency for the UAE
Abu Dhabi National Oil Company (ADNOC) has announced two contracts totalling more than $3.4bn have been awarded to ADNOC Drilling, for the hiring and deployment of eight jack-up offshore rigs. The contracts, valued at $1.5bn and $1.9bn respectively, awarded by ADNOC Offshore, will support the expansion of ADNOC’s crude oil production capacity to the level of five million barrels per day (mmbpd) by 2030, which is said to in-turn enable gas self-sufficiency for the UAE. Moreover, over 80% of the value of the awards is slated to flow back into the UAE’s economy, courtesy of ADNOC’s In-Country Value (ICV) programme, supporting local economic growth and diversification. In September 2019, ADNOC D

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