Abu Dhabi announces nearly $1 billion drilling contract
Oil and gas remain a major part of the Emirati economy, despite recent investments in renewable energy and green technology. The contract comes as the UAE gets ready to provide gas to Germany amid the war in Ukraine.
The Abu Dhabi National Oil Company (ADNOC) has awarded a major drilling contract to its subsidiary.
ADNOC Drilling will receive $980 million to obtain two offshore rigs and the accompanying equipment and manpower. ADNOC said the new rigs will work to find oil and gas off the coast of the United Arab Emirates, saying the contract will help to “maximize value from Abu Dhabi’s offshore oil and gas resources,” according to a statement.
