ADNOC NEWS

ADNOC Drilling Company PJSC confirmed the award of five 10-year contracts, totaling approximately $2 billion, in support of ADNOC Offshore’s growing drilling operations.

Abu Dhabi National Oil Company (Adnoc) has kicked off a fresh tender process for multiple packages involving its multibillion-dollar Hail & Ghasha offshore sour gas development.

ADNOC Drilling Company has signed a five-year Memorandum of Understanding with Masdar, one of the world’s leading clean energy companies. Under the MoU, the companies will explore collaboration around development, investment, operations, and projects to responsibly advance the energy transition both in the UAE and globally.

ABU DHABI, March 3 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) on Friday set the final price for its initial public offering, valuing the company at about $50 billion after drawing record demand. It will become Abu Dhabi's largest listed company.

Abu Dhabi's state-owned oil and gas company announced Thursday the discovery of between 1.5 to 2 trillion standard cubic feet of gas in an offshore area located in the emirates's northwest.

ADNOC announced the award of a $744 million (AED2.73 billion) contract for the full field development of the Belbazem Offshore Block, underscoring its drive to unlock and maximize value from all of Abu Dhabi's fields as it expands its oil production capacity to 5 million barrels per day by 2030. Located 120 kilometers northwest of Abu Dhabi city, the Belbazem Block consists of three so-called marginal offshore fields; Belbazem, Umm Al Salsal, and Umm Al Dholou.

Oil demand has already increased to 95 million barrels per day (BPD), and the market is rebalancing, according to the chief executive of the Abu Dhabi National Oil Company (ADNOC), Sultan Ahmed Al Jaber. However, the organization raised its outlook for oil demand for both the third and fourth quarters of 2021 by 150,000 BPD and 290,000 BPD, respectively. Third-quarter demand is expected to average 97.90 million BPD, and fourth-quarter demand is set to further rise to 99.74 million BPD, OPEC’s latest report said.

Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Managing Director and Group CEO of the ADNOC said low carbon oil will play a central role in the energy transition.ADNOC is delivering on this mission as it reduces its carbon intensity by a further 25% over the next 10 years, H.E. Dr Al Jaber said, adding that the company is exploring the potential of new fuels such as Hydrogen, which shows great promise as a close to zero-carbon fuel.

Abu Dhabi’s de facto ruler, Crown Prince Mohammed Bin Zayed, has cemented his control over the emirate’s state energy company by becoming chairman of a newly-established board of directors. The decision comes after Abu Dhabi in December merged the Supreme Petroleum Council, which used to set the government’s energy policy, with a new Supreme Council for Financial and Economic Affairs. Other members of the executive board include Khaldoon Al Mubarak, head of Abu Dhabi sovereign wealth fund Mubadala Investment Co., and Suhail Al Mazrouei, the UAE’s energy minister.

The deal is the single-largest energy infrastructure investment in the region, and the biggest in the world in 2020. It brings $10.1 billion in foreign direct investment to the UAE. According to the agreement, the consortium will acquire a 49% stake in a newly-formed subsidiary, ADNOC Gas Pipeline Assets, with lease rights to 38 pipelines. ADNOC will hold the majority stake of 51% and will retain ownership of the pipelines.

UAE state-run ADNOC has canceled two contracts awarded to the oilfield service provider, Petrofac valued at $1.5bn. The contract awarded only two months ago required Petrofac to carry out work on the Dalma Gas Development project offshore Abu Dhabi. The development operated and 60% owned by ADNOC, where Eni, Wintershall and OMV are partners.

Oilfield services provider, Petrofac yesterday informed about securing two contracts worth ~$1.65 billion from state-run ADNOC for the Dalma gas development project in the UAE. The first package of the contract, priced at $1.07 billion, pertains to developing gas processing facilities at Arzanah island. The second tranche is estimated to be worth $591 million. The contract award comes as the UAE looks to achieve gas self-sufficiency.

ADNOC's and Borealis' JV, the Abu Dhabi Polymers Company Ltd (Borouge) has awarded a licensing contract for the Borouge 4 project to France-based Axens. The contract terms require Axens to supply process books, catalysts & adsorbents, proprietary equipment, trainings and technical services. Axens will provide Borogue with an MTBE unit coupled with1-Butene production unit and 1-Hexene unit for the Borouge 4 project in Ruwais-Abu Dhabi, UAE.

Billionaire Mukesh Ambani-led Reliance Industries has inked a framework agreement with state-run ADNOC to explore development of an Ethylene Dichloride (EDC) facility in Ruwais. RIL will utilize the proposed unit to procure EDC, a key raw material used in the manufacturing of Polyvinyl chloride (PVC). ADNOC would provide Ethylene to the proposed venture and offer access to the infrastructure at Ruwais.

ADNOC's susidiary ADNOC Drilling has announced the launch of a major rig fleet expansion program. This will support ADNOC's upstream growth plans and would support its 2030 Smart Growth Strategy. ADNOC's Upstream Executive Director said, "ADNOC Drilling’s rig fleet expansion underscores ADNOC’s drive to unlock and maximize value from Abu Dhabi’s vast hydrocarbon resources and will further improve drilling and well-completion efficiencies".

The biggest conference of the oil and gas industry, ADIPEC 2019 is currently happening in Abu Dhabi. During the conference, ADNOC's CEO Sultan Ahmed al-Jaber has addressed the industry professionals saying "Oil and gas industry will remain an essential pillar of the future diversified energy mix". He has called out on the industry to modernize in order to keep up with the fast-evolving energy landscape.

Oil major ADNOC is planning to partner with Eni and OMV to diversify its refining capacity. The company wants to take the refining capacity to 1.5 million barrels per day. The energy company has decided to double its refining capacity and triple petrochemicals output potential by 2025. In January, OMV and Eni decided to pay a combined $5.8 billion in order to buy stakes in refining business of ADNOC.

State-run Abu Dhabi National Oil Company (ADNOC) yesterday announced about awarding multi-billion-dollar contracts for the procurement of casing and tubing. The contract awards are in line with the company’s aim of maximising value for ADNOC across its drilling value chain and reinforcing its strategy to offer a more profitable upstream business. The $3.6 billion worth of contracts was awarded to Tenaris S.A., Vallourec S.A. and Marubeni Corporation.