ADNOC Drilling Announces Major Rig Fleet Expansion
ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC), has announced a “major” rig fleet expansion program “to support ADNOC’s upstream growth plans”.
As part of the first phase of the program, ADNOC has acquired four UAE-built land rigs with a total value of over $95 million (AED 350 million). Following the integration of these rigs, which are expected to join the fleet in the first quarter of next year, ADNOC Drilling revealed that it plans to acquire “dozens” of additional land, offshore and island rigs by 2025.
“ADNOC Drilling’s rig 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,” Abdulmunim Saif Al Kindy, ADNOC’s upstream executive director and chairman of the board of directors of ADNOC Drilling, said in a company statement.
“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,” he added.
“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 five million barrels per day by 2030,” he continued.
The CEO of ADNOC Drilling, Abdalla Saeed Al Suwaidi, said, “our rig fleet has expanded more than three-fold in less than a decade, from 29 rigs in 2010 to our current 95 rigs”.
“The next phase of expansion will further strengthen ADNOC Drilling’s capabilities and reinforce our key role of supporting the ADNOC Group in capturing more value from every barrel of oil it produces,” he added.
On Wednesday, ADNOC revealed that it was investing $490 million (AED 1.8 billion) to upgrade its bab onshore field and sustain long-term production capacity.
ADNOC describes itself as one of the world’s leading energy producers. It is the 12th largest oil producer in the world, according to its website.
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