Scottish energy services company Wood has secured three call-off contracts totaling $53m from ADNOC Onshore, a subsidiary of Abu Dhabi National Oil Company (ADNOC).
Image: ADNOC's headquarters in Abu Dhabi, UAE. Photo: courtesy of Abu Dhabi National Oil Company.
The company will provide project management consultancy (PMC) services to major projects across the Middle East company’s onshore fields in Abu Dhabi, supporting its group-wide production capacity target of four million barrels of oil per day by 2020.
The five-year contracts have a one-year extension option, and are expected to create around 100 new jobs in-country.
Wood has partnered with ADNOC for more than 40 years and has executed multiple, major PMC projects.
Wood CEO of Asset Solutions business in Europe, Africa, Asia and Australia Dave Stewart said: “Wood has a strong foothold in the Middle East and our strategic focus on continuing to broaden the capabilities we deliver to the oil and gas market in this region is demonstrated by these new contracts.
“We look forward to working closely with ADNOC Onshore to continue to deliver safe and effective services, applying our ingenuity and expertise to maximize production of its onshore assets in line with their 2030 strategy.
“We are focused on supporting in-country value and closer collaboration with the UAE supply chain, using local vendors for the purchase of goods and services.
“We are also committed to creating opportunities to nurture new industry talent in Abu Dhabi and the UAE, which will be central to our successful execution of this contract.”
Wood will deliver the contract from its offices in Abu Dhabi with support from the company’s expertise globally.
Earlier in November 2018, ADNOC secured approval from the Supreme Petroleum Council (SPC) for its 2019-2023 business plan and an investment of AED486bn ($132.33bn), aimed at ramping up its production capacity.
The company intends to implement its new integrated gas strategy and plans to boost its oil production capacity to 4mmbpd by 2020-end and 5mmbpd by 2030.
ADNOC expects the gas strategy to maintain LNG production to 2040, and will also develop the Hail, Ghasha and Dalma project, which is estimated to contain multiple trillions of cubic feet of recoverable gas.
In May 2018, ADNOC revealed plans to invest AED165bn ($45bn) over the next five years to consolidate its downstream business, which includes expansion of its refining and petrochemical operations at Ruwais in the UAE.