https://arab.news/bz2pw
RIYADH: The Abu Dhabi national oil company, or ADNOC, has signed contracts worth 7.1 billion dirhams ($1.94 billion) to boost drilling activities in the UAE, the firm said in a tweet.
The agreements signed were with companies including ADNOC drilling, Schlumberger Middle East SA, Halliburton Worldwide Limited Abu Dhabi, and Weatherford Bin Hamoodah Co. LLC.
Under the agreements, ADNOC will provide the awarded firms with wireline logging and perforation services to enable growth in the drilling field.
The agreement is the largest of its kind in the oil and gas sector.
More than 80 percent of the value of the agreement is expected to be redirected to local businesses through its domestic value-added program, also known as ADNOC’s In-Country Value Program, the company announced.
The agreement is in line with ADNOC’s requirement to drill thousands of new wells amid production capacity expansion, a statement revealed.
It also aligns with the company’s 2030 strategy, which focuses on long term contracts with key suppliers, to ensure stable and reliable delivery at competitive rates.