Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    Women’s Golf Day Reaches New Heights and Countries

    June 7, 2023

    Discover Spain this Summer with Wego

    June 7, 2023

    JA Solar is Named the Top Performer Module Supplier by PVEL for the Eighth Time

    June 7, 2023
    Facebook Twitter Instagram
    KSA News HubKSA News Hub
    • Automotive
    • Business
    • Entertainment
    • Health
    • Lifestyle
    • Luxury
    • News
    • Sports
    • Technology
    • Travel
    KSA News HubKSA News Hub
    Home » ADNOC awards $658 million in contracts to five local and international companies
    Business

    ADNOC awards $658 million in contracts to five local and international companies

    March 18, 2022
    Facebook Twitter Pinterest LinkedIn Reddit WhatsApp Email

    Abu Dhabi National Oil Company (ADNOC) announced it has awarded framework agreements valued at $658 million (AED2.4 billion) for cementing services as part of its effort to expand its drilling capacity and enable drilling growth. Following a competitive tender process, framework agreements were awarded to Haliburton Worldwide Limited Abu Dhabi (Halliburton), Baker Middle East (Baker), Emirates Western Oil Well Drilling & Maintenance Co. (Emirates Western), NESR Energy Services (NESR) and Emjel Oil Field Services (Emjel).

    ADNOC awards $658 million in contracts to five local and international companiesADNOC’s onshore and offshore fields will be covered by these contracts, which will run for a period of five years and be renewable. As part of ADNOC’s In-Country Value programme, over 65 percent of the award value could flow back into the UAE economy. Additionally, successful companies will work to identify local manufacturing opportunities and create skilled employment opportunities for UAE citizens.

    Mr. Yaser Saeed Almazrouei, Executive Director of ADNOC Upstream, commented: “The awards for cementing services will support the continued expansion of ADNOC’s drilling activities resulting in a stronger position as a global supplier of some of the world’s most carbon efficient barrels.”

    “In line with the UAE Leadership’s wise directives and as part of our strategy, we are prioritizing in-country value, and 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 smart nature of the awards will enable ADNOC to realize hundreds of millions of dollars in cost savings. As an integral part of its 2030 strategy, ADNOC optimizes its procurement strategy to reflect market dynamics, focusing on long-term contracts with an optimized number of suppliers that provide stable and reliable delivery at highly competitive rates.

    The award for cementing services takes the total value of ADNOC’s drilling-related framework agreements and procurement awards since November 2021 to over $8.5 billion (AED31.2 billion). These awards will support ADNOC’s requirement to drill thousands of oil wells as it increases its crude oil production capacity to five million barrels per day (mmbpd) by 2030 and drives gas self-sufficiency for the UAE.

    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Email

    Related Posts

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Global stocks surge as US debt ceiling agreement brings relief

    May 29, 2023

    Global clean energy investment set to reach $1.7 trillion, overtaking oil production

    May 27, 2023

    European Investment Bank supports circular economy with €3.4 billion lending

    May 27, 2023

    Successful UAE-India partnership stands as a model of bilateral cooperation

    May 27, 2023
    Latest News
    Entertainment

    Tom Cruise and cast to grace Abu Dhabi’s Mission: Impossible premiere

    June 6, 2023

    The stage is set for the Middle East premiere of the highly anticipated film, Mission:…

    Game-changing Macs: Apple launches Mac Studio and Mac Pro with revolutionary Apple silicon

    June 6, 2023

    Apple redefines laptop excellence with the thinnest 15-inch MacBook Air

    June 6, 2023

    EU’s €1.1 billion bicycle exports highlight shift to sustainable living

    June 3, 2023

    Strengthening UAE-India relations: Top diplomats discuss economic partnership

    June 3, 2023

    Ayurveda vs science: Decoding the cold water conundrum

    June 2, 2023

    UN urges immediate action to prevent food and aid crises in cyclone-hit Myanmar

    June 2, 2023

    Big tobacco’s big lie: Philip Morris’ smoke and mirrors strategy

    June 1, 2023
    © 2021 KSA News Hub | All Rights Reserved
    • Home
    • Contact Us

    Type above and press Enter to search. Press Esc to cancel.