ADNOC to boost offshore rig numbers

ADNOC Drilling has committed to a rig fleet expansion to support parent company ADNOC’s upstream growth plans in the UAE.

The company plans to acquire dozens more offshore, island, and land rigs by 2025.
The company plans to acquire dozens more offshore, island, and land rigs by 2025.
(Courtesy ADNOC)

Offshore staff

ABU DHABI, UAEADNOC Drilling has committed to a rig fleet expansion to support parent company ADNOC’s upstream growth plans in the UAE.

Under the first phase, ADNOC has acquired four UAE-built land rigs from NOV and will take delivery in 1Q 2020. Thereafter the company plans to acquire dozens more offshore, island, and land rigs by 2025.

The company made the announcement at the 15th annual Rig Owners Seminar, organized with DNV GL, on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference.

Abdulmunim Saif Al Kindy, ADNOC Upstream executive director said the fleet expansion “underscores ADNOC’s drive to unlock and maximize value from Abu Dhabi’s vast hydrocarbon resources and will further improve drilling and well-completion efficiencies.

“The program is a pivotal enabler of our plans to substantially increase drilling for conventional oil and gas as well as considerably ramp up the number of unconventional wells, as we grow our oil production capacity and work to achieve gas self-sufficiency for the UAE.

“This major rig expansion program cements ADNOC Drilling’s position as the largest drilling company in the Middle East and the region’s first fully integrated drilling services company and will support ADNOC’s target to achieve a crude oil production capacity of 5 MMb/d by 2030.”

Last year Baker Hughes was awarded a 5% share in ADNOC Drilling, which has since repositioned itself as a fully integrated drilling services business that is capable of undertaking start-to-finish drilling and well construction.

11/14/2019

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