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7/14, 11:13 AM (Source: TeleTrader)
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ADNOC to invest $763.7M into output capacity growth

The Abu Dhabi National Oil Company (ADNOC) announced on Wednesday that it will invest $763.7 million in an effort to raise its production capacity to 5 million barrels per day (bpd) by 2030.

ADNOC's investment was divided into three contracts - to Schlumberger Limited, ADNOC Drilling, and Halliburton Company, respectively. Schlumberger's contract is worth $381.18 million, ADNOC Drilling signed a $228.71 million deal, while the value of Halliburton's contract is estimated at $153.87 million. The investment is a result of "a highly competitive bid process, which included a rigorous assessment of how much of the contract value would support the growth and diversification of the UAE's economy," ADNOC Offshore CEO Ahmad Saqer Al-Suwaidi underlined.

The country is reportedly insisting on a larger increase in production for itself in the upcoming months under the OPEC output deal, causing a dispute within the cartel and uncertainty in the global oil market.

Breaking the News / MS