ADNOC has launched a program standardizing procurement terms and conditions across its value chain. PHOTO SOURCE: ADNOC
The Abu Dhabi National Oil Co. (ADNOC) reported Tuesday that it has implemented an initiative standardizing procurement terms and conditions across its value chain.
The new oilfield procurement process subjects all bidders to the same terms and conditions in competitive tendering and shrinks the timeline for legal negotiations from months to weeks, ADNOC pointed out in a written statement emailed to Rigzone. The firm added that more than 1,100 local and international principal companies – including oilfield service providers Schlumberger (NYSE: SLB), Halliburton (NYSE: HAL), Baker Hughes (NYSE: BKR), and Weatherford (OTCMKTS: WFTLF) – have signed up for the program.