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Abu Dhabi National Oil Company (ADNOC) has awarded a contract worth $1.53 billion to ADNOC Drilling Co., its subsidiary, for the provision of rigs.
ADNOC Offshore awarded the two-year contract, which covers the provision of 12 jack-up rigs and two island rigs and the associated Integrated Drilling Services (IDS), the state oil company said in a statement on Monday.
The award will support the expansion of ADNOC’s crude oil production capacity to five million barrels per day (mmbpd) by 2030 and gas self-sufficiency for the UAE, the statement added.
Over 80% of the award value will flow back into the UAE’s economy under ADNOC’s In-Country Value (ICV) program, supporting local economic growth and diversification.
(Writing by Brinda Darasha; editing by Daniel Luiz)
