Connect with us

Hi, what are you looking for?

Business

ADNOC Drilling signs $3.8bn agreement with ADNOC Onshore

ADNOC Onshore

ADNOC Drilling company has signed an agreement with ADNOC Onshore, aimed at providing services in drilling, maintenance and re-preparation of wells.

The agreement with ADNOC Onshore will last for five years, and its total value is $3.8 billion, ADNOC Drilling said.

ADNOC Drilling is listed in the Abu Dhabi Securities Market under ADNOCDRILL and the number AEA007301012.

ADNOC Drilling

The agreement aims at enhancing the efficiency of work kits and reducing the transfer of drilling platforms and improving maintenance schedules, which benefits both companies.

The deal confirms the unique status of ADNOC Drilling as an exclusive provider of drilling and configuration services for ADNOC companies.

“I am delighted, that working together, we will continue to drive value for ADNOC and the UAE, delivering on the 2030 strategic production capacity and gas self-sufficiency targets,” Abdulrahman Abdullah Al-Seiari, CEO of ADNOC Drilling, said.

“This contract award further extends a 50-year profitable and unique partnership,” he said.

The agreement also emphasizes the unique status of ADNOC Drilling as an exclusive provider of drilling and configuration services for ADNOC companies.

Strong growth

Following the successful insertion of a share of its shares in the Abu Dhabi Securities Exchange on October 3, ADNOC has announced its profits on Nov. 10, 2021. The company showed strong growth in the third quarter and the first few months this year.

The company’s growth and development plan also includes the expansion of operations outside the UAE and the continuous development of services provided in the field of digging and preparing oil wells.

ADNOC is also the only national company in the region offering integrated services to dig and configure oil and gas wells.

Since 2018, the company has achieved savings worth about $250 million by delivering a number of wells for its customers.

Business

The UAE aspires to reach 100 gigawatts of renewable energy capacity, and then double it to 200 gigawatts, Minister of Industry, Sultan Al Jaber,...

Trade

Abu Dhabi, (Business News Report) – UAE Minister of Economy Abdullah bin Touq Al Marri has met with his counterpart of Tunisia Samir Saeed,...

News

The Atlantic Council announced Friday the rescheduling of the 2022 Atlantic Council Global Energy Forum to March 28-29, 2022. The forum, which will be...

Business

The Emirate of Dubai announced the budget for the current year 2022 to be 5% higher than last year’s budget 2021. The Crown Prince...