UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has invested around $6 billion (AED 22 billion) in enabling drilling growth.
These investments are in line with the company's objective to increase its crude oil production to 5 million barrels per day (mmbpd) by 2030 and achieve gas self-sufficiency for the UAE, according to a press release on Tuesday.
The announcement was made at the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), being held on 15-18 November 2021.
The investments are in the form of procurement awards to contractors for wellheads and related components, downhole completion equipment (DCE) and related services, and liner hangers and cementing accessories.
Over $900 million (AED 3.3 billion) worth of wellheads and $700 million (AED 2.6 billion) worth of downhole completion equipment will be manufactured in the UAE.
Meanwhile, $185 million (AED 679 million) in foreign direct investment (FDI) will flow into the UAE’s economy to establish two wellheads manufacturing and assembly facilities.
The UAE Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, Sultan Ahmed Al Jaber, said: "Crucially, the awards will directly create more skilled employment opportunities for UAE Nationals, enhance domestic manufacturing and further stimulate the growth of the private sector and our local industrial base."
