Abu Dhabi National Oil Company (ADNOC) awarded a $ 1.94 billion worth of Framework Agreement Award on Thursday “to enable drilling growth.”
With plans to increase crude oil production capacity to 5 million barrels (mmbpd) per day by 2030, the company’s wire felling and drilling service trading is the largest of these awards in the oil and gas industry. Yes, follow ADNOC drilling, Schlumberger, Halliburton, Weatherford, competitive bidding process.
Wired logging continuously measures the characteristics of rock formations to guide drilling operations, and drilling creates tunnels in wells to allow fluid to flow from the reservoir.
The Framework Agreement Awards are targeted at ADNOC’s onshore and offshore fields and run for 5 years with an additional 2 year option.
“In addition, successful companies that also work to identify local manufacturing opportunities for the UAE people will create skilled employment opportunities,” ADNOC said.
Thousands of new wells
The award’s ADNOC Drilling share is the largest, covering services including cased and perforated holes and perforations. This reflects the expansion of the company’s service profile as a result of the conversion to a fully integrated drilling services (IDS) company after being awarded Baker Hughes a 5% share in 2018.
Yaser Saeed Almazrouei, Executive Director of ADNOC Upstream, said: Awarded to all four companies, this award will fully demonstrate its domestic value and create new employment opportunities for UAE citizens, in line with the wise instructions of leadership. “
The Framework Agreement Award supports ADNOC’s requirement to drill thousands of new wells to expand production capacity and remain a leading low-cost, low-carbon oil producer. According to ADNOC, the award will also save hundreds of millions of dollars.
https://www.oedigital.com/news/494432-drilling-growth-adnoc-drilling-schlumberger-halliburton-weatherford-net-adnoc-deals Drilling Growth: ADNOC Drilling, Schlumberger,