Schlumberger Ltd.

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ADNOC Announces $6 Bln Investments To Enable Drilling Growth

Published: 11/16/2021 06:23 GMT
Schlumberger Ltd. (SLB) - Ric:adnoc.
Ul]:adnoc Announces Record $6 Billion Investments to Enable Drilling Growth.
Investments Are in the Form of Procurement Awards to Top-tier Contractors for Wellheads and Related Components, Downhole Completion Equipment (dce) and Related Services, and Liner Hangers and Cementing Accessories – All Crucial in Drilling for Oil and Gas and Completing Wells.
Investments to Boosts Its Crude Oil Production Capacity to 5 Million Barrels per Day (mmbpd) by 2030.
Over $1.8 Billion (aed6.6 Billion) Worth of Drilling-related Equipment to Be Made in the Uae.
More Than $900 Million Worth of Wellheads and Over $700 Million Worth of Downhole Completion Equipment Will Be Manufactured in Uae.
$185 Million in Fdi Will Flow Into Uae’s Economy to Establish Two Wellheads Manufacturing and Assembly Facilities.
Procurement Award for Wellheads and Related Components is Worth Up to $3.27 Billion.
Gasos, Uae Agents for Technipfmc, and Al Ghaith Oilfield Supplies & Services , Uae Agents for Baker Hughes, Secured Awards With Both Companies Having an Equal Split of Scope Which Runs for 10 Years.
Procurement Award for Downhole Completion Equipment and Related Services is Worth Up to $2.34 Billion.
Schlumberger’s Scope is Valued at Up to $1.41 Billion (aed5.18 Billion) While Adnoc Classification: Public Weatherford’s Scope is Valued at Up to $931 Million (aed3.42 Billion).
the Award Runs for Five Years With an Option to Extend for Two Years.