Abu Dhabi to award new oilfield contracts

28 October 2010

Contracts are part of a $10bn programme to boost output by 30 per cent

Abu Dhabi Company for Onshore Oil Operations, the onshore unit of Abu Dhabi National Oil Company (Adnoc), has announced plans to award onshore oilfield service contracts in 2012 as part of a $10bn programme to boost output by 30 per cent by 2017, Bloomberg has reported. Adnoc expects to spend about $50bn to $60bn in the next decade as more capacity is developed, Abdul Munim Saif al- Kindy, chief executive officer of ADCO, said. The new oil capacity will require more drilling and exploration to sustain that level, leading to a growth in rigs and other oilfield services, and the additional gas produced in association with oil will lead to expansions in petrochemical and fertiliser plants.”

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