ADNOC Drilling signs $3.8 billion agreement

Abu Dhabi (Etihad) concluded ADNOC Drilling Company An agreement with ADNOC Onshore to provide its services in the field of drilling, maintenance and preparation of wells and related services for a period of five years, worth $3.8 billion.
The agreement aims to enhance crew efficiency, reduce rig transportation time and improve maintenance schedules, which will benefit ADNOC Drilling and ADNOC Onshore. The agreement underscores ADNOC Drilling’s unique position as the exclusive provider of drilling and well preparation services to the ADNOC Group companies and ADNOC Drilling’s ambitious growth and expansion plans.

Abdul Rahman Abdullah Al-Sayari, CEO of ADNOC Drilling, said: “We are proud of our solid and valuable partnership with ADNOC Onshore, and this contract award contributes to strengthening the distinguished partnership that has lasted for 50 years. 2030, represented in increasing its production capacity of crude oil and contributing to achieving gas self-sufficiency for the UAE. The adoption of modern technology and digital transformation are among the most important pillars of this agreement, as ADNOC Drilling continues to improve efficiency, stimulate growth opportunities and reduce the environmental footprint of its operations.”

Following the listing of a share of its shares on the Abu Dhabi Securities Exchange last October 3, ADNOC Drilling announced its profits on November 10, 2021, as it recorded strong growth in the third quarter and the first nine months of this year. ADNOC Drilling’s growth and development plan includes the expansion of its operations outside the UAE and the continuous development of the services it provides in the field of drilling and preparing oil wells.

ADNOC Drilling is the only national company in the region that provides integrated services for drilling and preparing oil and gas wells. Since 2018, the company has achieved savings of more than $250 million by delivering a number of wells to its customers.

These were the details of the news ADNOC Drilling signs $3.8 billion agreement for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Blinken vows support for Central Asian nations’ independence in bid to weaken Russia’s influence

Author Information

I am Joshua Kelly and I focus on breaking news stories and ensuring we (“Al-KhaleejToday.NET”) offer timely reporting on some of the most recent stories released through market wires about “Services” sector. I have formerly spent over 3 years as a trader in U.S. Stock Market and is now semi-stepped down. I work on a full time basis for Al-KhaleejToday.NET specializing in quicker moving active shares with a short term view on investment opportunities and trends. Address: 838 Emily Drive Hampton, SC 29924, USA Phone: (+1) 803-887-5567 Email: [email protected]