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February 18, 2022

Adnoc awards deals worth $1.94bn to boost oil production capacity

The deals have been awarded to Schlumberger Middle East, ADNOC Drilling, Haliburton Worldwide, and Weatherford Bin Hamoodah.

Abu Dhabi National Oil Company (Adnoc) has awarded framework agreements worth $1.94bn (AED7.1bn) in total, for wireline logging and perforation services.

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2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
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The framework agreements have been awarded to Schlumberger Middle East, Adnoc Drilling, Haliburton Worldwide Limited Abu Dhabi, and the Weatherford Bin Hamoodah Company.

The awards form part of Adnoc’s plan to enable drilling growth while contributing to its aim of increasing its crude oil production capacity to five million barrels per day (MMbpd) by 2030.

Adnoc Drilling will be responsible for delivering covers services, including cased hole and open hole, as well as perforation.

Adnoc managing director and group CEO and UAE Minister of Industry and Advanced Technology Dr Sultan Ahmed Al Jaber said: “The framework agreements announced today are a continuation of ADNOC’s unprecedented investment in services to enable the expansion of drilling activity required to responsibly unlock the UAE’s leading low-cost and low-carbon intensity oil, as well as the nation’s gas resources.

“Not only do these awards support our 2030 strategy, they are expected to deliver over 80% of in-country value to the UAE, and align with the UAE’s ‘Principles of the 50’ economic blueprint for sustainable growth.”

The framework agreement awards, which will run for five years, cover Adnoc’s onshore and offshore oil and gas fields. It will also include an option for a two-year extension.

Adnoc said that the framework agreement awards will support its requirement to drill thousands of new wells as part of its production capacity expansion plan.

In November 2021, ADNOC awarded contracts worth approximately $6bn (AED22bn) for well heads and related components, downhole completion equipment, and related services, as well as liner hangers and cementing accessories.

The five-year awards have an option to be extend for two additional years.

Related Companies

Free Report
img

2022: So far In Venture Capital

Global investment in 2022 has been majorly dominated by North America, Europe, and Asia Pacific, whereas the Middle East, and South and Central America have recorded low investments comparatively. In light of this, Europe and North America have been identified as the major destinations for Private Equity and Venture Capital (PE/VC) investments.   GlobalData’s whitepaper analyzes which sectors PE/VC firms have been investing in, looking at Technology, Media, and Telecom, with these sectors recording $356 billion and a deal volume of over 10,000 deals in 2022. Healthcare, Financial Services, Business & Consumer Services, and Construction sectors have also seen high investment activity by PE/VC firms, recording a deal value of over $70 billion each.   But what can this mean for you?   Understand how the Deals Database on GlobalData Explorer can be leveraged to:  
  • Track the Aggregate Investment Volumes in PE/VC-Stage firms across geographies and sectors, in addition to viewing the specific deals that drove these volumes
  • Identify the top investors already active in any sector-Geography combinations
  • Assess the Performance of Financial and Legal Advisors, supporting the Dealmaking in any segment of choice (Customizable League tables)
  • Understand what is driving the PE/VC fundraising (Deal Rationale)
  Consult our full report here and optimize your business strategy.
by GlobalData
Enter your details here to receive your free Report.

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