The Abu Dhabi National Oil Company (ADNOC) has awarded multi-billion-dollar contracts for the procurement of casing and tubing as it drives value through its smart approach to procurement.
The three contracts awarded to Vallourec, Tenaris, and Marubeni subsidiaries. had the potential to achieve “In-Country Value of over 50 percent,” including $100 million in foreign direct investment, over the next five years, to establish a state-of-the-art oil country tubular goods (OCTG) threading plant and repair centre, and a training academy in Abu Dhabi to enhance local expertise and generate value for the UAE.
Under those contracts, the companies will supply a total of 1 billion metric tons of casting and tubing, over 5 years (the equivalent to the distance from Abu Dhabi to Huston).
Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director, said, these agreements is testament to ADCOC targeted approach to engage with value-add partners to unlock value as well as enhance the performance and returns on our assets and capital. They will provide ADNOC with increased flexibility to proactively respond to the demands of the evolving energy landscape as we ramp up our drilling activities and deliver our 2030 strategy.
Source: Worldoil.com
