RIYAHD: The Abu Dhabi national oil company ADNOC has announced framework agreements worth 2.4 billion dirhams ($658 million) for cementing, according to a statement.
This comes as the corporation aims to propel drilling growth and expand its crude oil production capacity.
Following a competitive filtering process, the framework agreements were awarded to Halliburton Worldwide Limited Abu Dhabi, Baker Middle East, Emirates Western Oil Well Drilling & Maintenance Co., NESR Energy Services, and Emjel Oil Field Services.
More than 65 percent of the award value is projected to flow back into the UAE economy via ADNOC’s In-Country Value program.
“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 statement said, citing Yaser Saeed Almazrouei, ADNOC upstream executive director.
The nature of the award will enable ADNOC to make hundreds of millions of dollars in cost savings.
Since November 2021, the total value of drilling-related framework and procurement awards has surged to over 31.2 billion dirhams.
