Canadian services firm Weatherford this week signed a $220mn, three-year contract with Abu Dhabi state firm Adnoc “for the stated goal of increasing offshore production,” for the state firm’s dedicated offshore arm. Last month Adnoc signed three drilling focused contracts worth a combined $3.6bn as it plans to spend $15bn over the next three year on drilling procurement (MEES, 23 August).
Adnoc is investing a whopping $132bn over the five years to 2023 in a bid to hike its output capacity to 4mn b/d by the end of next year and 5mn b/d by 2030 (MEES, 9 November 2018). (CONTINUED - 172 WORDS)