ADNOC Drilling awarded US$3.4Bn for more jack-ups

The contracts are valued at US$1.5Bn and US$1.9Bn respectively by ADNOC Offshore and will support ADNOC’s goal of raising crude oil production capacity to five million barrels per day (b/d) by 2030.
The jack-up rigs will be hired along with manpower and equipment to support drilling operations across ADNOC’s offshore fields, which account for about half of the company’s production capacity.

Abu Dhabi’s Minister of Industry and Advanced Technology and ADNOC MD and group CEO, Sultan Ahmed Al Jaber said the latest investment “will significantly expand our drilling activity to accelerate growth, drive value and responsibly unlock the UAE’s resources in response to globally rising demand for energy.”
“ADNOC Drilling’s state-of-the-art fleet and market-leading capabilities, will be a key enabler as ADNOC strengthens its position as a leading low-cost and low-carbon energy producer. We are focused on delivering on our 2030 strategy, in support of the directives of our wise leadership to grow and diversify the UAE’s economy.” 
Over the life of the 15-year contracts, ADNOC Drilling’s rig fleet will enable ADNOC and its partners to exploit the emirate’s abundant offshore oil and gas resources. This week, operator of three exploration concessions in the region, Eni, announced a significant gas discovery of 1~1.5Tn cubic feet (tcf) of raw gas in place, Offshore Block 2 Abu Dhabi.
ADNOC Drilling is the largest national drilling company in the Middle East by rig fleet size, with 105 owned rigs, including 27 offshore jack-up units. The company was recently awarded two further substantial contracts totalling US$2Bn for integrated drilling services and the provision of Island Drilling Units at its Hail and Ghasha Gas Development Project.
The state-owned company’s maritime logistics arm recently acquired Zakher Marine International (ZMI), an OSV owner which added 24 jack-up barges and 38 OSVs to the ADNOC fleet.