Abu Dhabi National Oil Company awarded $763.7 million (Dh2.8 billion) worth of contracts to expand production from its offshore Upper Zakum and Satah Al Razboot (Sarb) fields as it aims to raise production capacity to 5 million barrels per day by 2030.
The company awarded the contracts for integrated rigless services across six of its artificial islands to Schlumberger, Adnoc Drilling and Halliburton, it said in a statement on Wednesday.
Schlumberger, the world's largest oil services company, was awarded a $381.18m contract. Adnoc Drilling's contract is valued at $228.71m and Halliburton's share is $153.87m.
"These important awards for integrated rigless services will drive efficiencies of drilling and related services, and optimise 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 Adnoc upstream executive director Yaser Almazrouei.
Around 80 per cent of the total value of the award will flow back to the UAE's economy over the next five years as part of Adnoc's in-country value programme.
"The high in-country value generated from the awards will stimulate new business opportunities for the private sector and support the UAE’s post-Covid economic growth," Mr Almazrouei said.
The artificial islands covered by the contracts are Asseifiya, Ettouk, Al Ghallan, and Umm Al Anbar in the Upper Zakum field and Al Qatia and Bu Sikeen in the Sarb field.
Adnoc uses artificial islands to help with the production of oil and gas offshore as they help lower costs and reduce environmental impact.
It allows the company to utilise lower-cost drilling rigs used on land instead of the more expensive offshore jack-up rigs.
"These contracts are an important contributor to Adnoc Offshore’s plans to build our production capacity to over 2 million bpd in the coming years," Ahmad Al Suwaidi, chief executive of Adnoc Offshore, said.
Adnoc plans to grow its conventional drilling activity by 40 per cent by 2025 and substantially ramp up the number of its unconventional wells as part of its plans to increase capacity.
as it targets an increase in oil production capacity to 5 million bpd by the end by 2030.
The company said it achieved cost savings of $2bn by the end of 2020 through enhancing drilling efficiencies over the past five years.
Adnoc Drilling has a partnership with the US oil services provider Baker Hughes, which acquired a 5 per cent stake in the Abu Dhabi oil company's drilling unit for Dh2.02bn in 2018.
The American oilfield services company said last year it was moving the headquarters of its Surface Pressure Control Projects business to Abu Dhabi from Houston, Texas. The move follows its decision to open a wellheads unit in Abu Dhabi in 2019.
Adnoc’s latest award to the three companies followed a more integrated approach. The company’s offshore subsidiary previously awarded work using " several discrete, service-specific contracts”.
In May, Adnoc streamlined its tendering process to make it quicker and easier for companies to bid for work. The company standardised terms and conditions used for the procurement of drilling and oilfield equipment and services. This means that all of the company's pre-qualified bidders are now subject to the same agreements, which could cut the timeline for legal negotiations from months to weeks, the company said.
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
UAE currency: the story behind the money in your pockets
Results
5pm: Handicap (PA) Dh80,000 1,400m; Winner: Faiza, Sandro Paiva (jockey), Ali Rashid Al Raihe (trainer).
5.30pm: Handicap (TB) Dh90,000 1,400m; Winner: Greeley, Connor Beasley, Helal Al Alawi.
6pm: Emirates Fillies Classic Prestige (PA) Dh100,000 1,600m; Winner: Marzaga, Jim Crowley, Ana Mendez.
6.30pm: Emirates Colts Classic Prestige (PA) Dh100,000 1,600m; Winner: Jawaal, Jim Crowley, Majed Al Jahouri.
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m; Winner: AF Ashras, Tadhg O’Shea, Ernst Oertel.
7.30pm: Handicap (PA) Dh80,000 2,200m; Winner: Somoud, Richard Mullen, Ahmed Al Mehairbi.
The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Dubai World Cup Carnival card
6.30pm: UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
7.05pm: Handicap (TB) $135,000 (Turf) 1,000m
7.40pm: Handicap (TB) $175,000 (D) 1,900m
8.15pm: Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
8.50pm: Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
9.25pm: Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
The National selections
6.30pm: Final Song
7.05pm: Pocket Dynamo
7.40pm: Dubai Icon
8.15pm: Dubai Legacy
8.50pm: Drafted
9.25pm: Lucius Tiberius
Killing of Qassem Suleimani
Blonde
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAndrew%20Dominik%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EAna%20de%20Armas%2C%20Adrien%20Brody%2C%20Bobby%20Cannavale%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3Cbr%3E%3C%2Fp%3E%0A
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
