Dubai: Abu Dhabi National Oil Company (ADNOC) will invest $763.7 million (Dh2.8 billion) in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields. This will help the energy giant boost its production to 5 million barrels per day (mmbpd) by 2030.
The investment is in the form of three contracts were awarded by ADNOC Offshore to Schlumberger, ADNOC Drilling, and Halliburton after a competitive tender process. Schlumberger’s share of the award is valued at $381.18 million (Dh1.4 billion); ADNOC Drilling’s at $228.71 million (Dh839.58 million), and Halliburton’s share is $153.87 million (Dh564.85 million).
Over 80 per cent of the total award value will flow back into UAE’s economy under ADNOC’s In-Country Value (ICV) programme over the five-year duration of the contracts, said ADNOC in a statement. “These important awards for integrated rigless services will drive efficiencies of drilling and related services, and optimize costs in our Offshore operations as we ramp up our drilling activities to increase our production capacity and enable gas self-sufficiency for the UAE,” said Yaser Saeed Almazrouei, ADNOC Upstream Executive Director.
The scope of the contracts includes coiled tubing services with thru-tubing downhole tools, stimulation services, including equipment and chemicals/fluid systems, surface well testing services, wireline, and production logging services and tools, saturation monitoring, and well integrity. “These contracts are an important contributor to ADNOC Offshore’s plans to build our production capacity to over 2 million barrels a day in the coming years to support ADNOC Group’s smart growth strategy,” said Ahmad Saqer Al-Suwaidi, CEO of ADNOC Offshore.