ADNOC $750 million offshore investments to support path to 5 million bpd

Quantum Commodity Intelligence – The Abu Dhabi National Oil Company (ADNOC) announced Wednesday further investment in its offshore sector to support its planned production capacity expansion to 5 million barrels per day by 2030.

ADNOC said it will invest $763.7 million in integrated rigless services across six of its artificial islands in the Upper Zakum and Satah Al Razboot (SARB) fields.

The National Oil Company's 2021 capacity is in the region of 3.8 million bpd, which is the figure it wants to use as the baseline for calculating its production level under the OPEC+ producer agreement, rather than the current 3.168 million bpd.

The investment is in the form of three contracts awarded by ADNOC Offshore to Schlumberger, ADNOC Drilling, and Halliburton after a competitive tender process.

Over 80% of the total award value will flow back into the UAE's economy under ADNOC's In-Country Value (ICV) program over the 5-year duration of the contracts.