Adnoc awards $218m rig deal to China firm
Abu Dhabi, September 24, 2009
The UAE's state-run Abu Dhabi National Oil Company (Adnoc) has awarded Chinese firm Baoji Oilfield Machinery a $218 million contract to supply onshore oil rigs, Adnoc's drilling unit said in a statement.
Baoji is a subsidiary of China's largest oil producer, the China National Petroleum Corp (CNPC).
The contract, awarded after tender, was for rigs that would cost around 800 million dirhams ($217.8 million), the National Drilling Company said in a statement.
Adnoc pumps most of the oil produced by the UAE, the world's third-largest oil exporter. The UAE plans to boost its crude capacity to around 3.5 million barrels per day in 2018 from around 2.8 million bpd now.
As part of those plans, the onshore division of Adnoc, the Abu Dhabi Company for Onshore Oil Operations (Adco), plans to boost its capacity by 200,000 bpd in 2012 to 1.6 million bpd, and by another 200,000 bpd by 2016. - Reuters