At the Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC) it was announced that the Abu Dhabi National Oil Company (ADNOC) is to be awarded $6 billion worth of investment to complete major contracts drilling for crude oil and gas, while also completing wells for future developments.
The investment will be implemented by distributing procurement awards to top drilling equipment contractors, covering wellheads, downhole completion equipment (DCE), liner hangers, and cementing accessories, including related components and services.
How will this affect the job market?
Crucially for the United Arab Emirates (UAE), this investment is principally internal. ADNOC has stated that all the liner hangers, more than $900 million worth of the wellheads, and over $700 million worth of DCEs will be produced exclusively in the UAE.
This gives an opportunity to grow UAE domestic manufacturing capability and increase the demand for highly skilled workers in the country. Oil and gas jobs in the United Arab Emirates are highly sought after and this $6 billion investment means the state can deliver more employment opportunities in the industry.
This potential increase in oil and gas jobs in the Middle East will stimulate growth in the private manufacturing and local industrial sectors, consequently growing the UAE’s economy. In fact, the output of oil and gas accounts for around 30% of the UAE’s total GDP, demonstrating how ADNOC plays a crucial role in supporting the continued growth of the country’s economy.
The UAE’s plans for the future
It is assumed that this $6 billion package will bring a huge amount of ICV (in-country value) to the UAE. ADNOC states that potentially 60% of the total value of the awards could re-enter the UAE’s economy as the contracts are fulfilled.
This package also demonstrates how ADNOC is aligning its growth with the objectives of the UAE’s ‘Principles of the 50’ guidelines for the UAE’S next historical phase, a new era of social and political growth. These plans for long-term growth underline the UAE’s ambition in the oil and gas sector, with ADNOC aiming to have an oil production capacity of 5 million barrels a day by 2030.
Included in the Principles of the 50 is the statement that ‘the main future driver for growth is human capital,’ highlighting how and retain specialist talent for employment in oil and gas jobs. The UAE believes that improving their educational system and building up the skills of their workforce internally is the way to ensure sustained, long-term growth in their economy.
Finding opportunities and talent in the UAE
At Petroplan we have longstanding experience in the oil and gas industry, finding the best talent for both contract and permanent hire. With a deep understanding of the Middle East market, our motivated team of consultants strives to build positive relationships between ambitious clients and talented contractors.
Since 2009 we have had offices in Iraq, Oman and the UAE (Dubai) and have established strong and trusted relationships with in-country partners. In the UAE specifically these strategic alliances mean that we are perfectly placed to fulfil recruitment needs in the UAE and facilitate effective communication between our clients and UAE nationals as and when required. Contact our team today to find out more about our recruitment services in the Middle East.