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.
A picture shows the headquarters of UAE's state oil company ADNOC in Dubai on July 27, 2022.
A picture shows the headquarters of UAE's state oil company ADNOC in Dubai on July 27, 2022. - GIUSEPPE CACACE/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

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. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.

Videos

See more