ADNOC SIGNS DH 120 M

Adnoc has signed a Dh120 million deal for a new oil rig, to be built in the UAE by the American company National Oilwell Varco, is to serve Adnoc's main onshore operator, which is working to increase output to 1.8 million barrels per day (bpd) in 2017 from around 1.5 million bpd today.

Adnoc is planning to expand the number of oil producing rigs, onshore and offshore, from 40 rigs today, to 88 rigs to cope with the increased demand for oil, and to meet Abu Dhabi's target of increasing production to 3.5 million barrels per day by 2020, according to Adnoc officials.

The agreement was signed yesterday in Abu Dhabi by National Oilwell Varco and National Drilling Company (NDC), Adnoc's rig subsidiary.

"NDC is committed to sustainable progress and continuous growth," Abdalla Saeed Al Suwaidi, the chief executive, said in a press release published by the state news agency Wam.

ARABIANOILGAS.COM