Adnoc Drilling and Alpha Dhabi set out their plans for the joint venture in November 2023. The company will acquire and invest in “tech-enabled oilfield services”. It aims to spend $1.5 billion.
Now that rates are rising, Middle Eastern demand is slowing – but Southeast Asia has been touted as the next step.
Adnoc Drilling added four jack-ups during the period, which should start working in December. It now has 124 rigs in its fleet.
The new rigs will use a high capacity battery and engine, in parallel to traditional diesel generators. As a result, Adnoc Drilling said the new units would reduce greenhouse gas emissions by 15% in comparison with a traditional rig.
Studies from Masdar highlight the importance of new drilling and completions technology to control costs.
The company said the new rig order was a “direct response” to Adnoc’s production targets. It aims to reach 5 million barrels per day of capacity by 2027, in addition to achieving gas self sufficiency for the United Arab Emirates.
Adnoc Drilling has bought another two jack-ups for $200 million, as it continues its expansion programme.
Adnoc Drilling has bought three more jack-ups for $320 million as the company continues to expand to tap into Middle Eastern demand.
Adnoc Drilling has reported its results for the first nine months of 2022, with net profit up 24% and EBITDA up 12%.
Adnoc has awarded three drilling fluids contracts, worth $4 billion, to Adnoc Drilling, SLB and Halliburton.
Adnoc Drilling has drilled a new world record for the longest well, at the Upper Zakum concession.
ADNOC has handed its subsidiary ADNOC Drilling (ADX: ADNOCDRIlL) a $980m contract for the hire of two rigs in the UAE.
Adnoc Offshore has awarded a $1.53 billion contract to the company’s Adnoc Drilling unit.
Adnoc Drilling has signed a sale and purchase agreement to buy two more premium jack-up rigs, for $140 million.
Adnoc Drilling has bought its fourth jack-up rig this year, bringing its total to 28, one of the largest such fleets in the world.
ADNOC Drilling has been awarded $2bn contracts for the Hail and Ghasha “mega-project” in the United Arab Emirates (UAE).
ADNOC (Abu Dhabi National Oil Company) has announced that it has raised more than $1.1billion through the IPO of its subsidiary ADNOC Drilling, which was vastly oversubscribed.
Helmerich & Payne (H&P) will buy into Adnoc Drilling’s upcoming IPO, with the Abu Dhabi company buying eight land rigs from the US company.
Abu Dhabi National Oil Co. (ADNOC) is planning to sell shares in its drilling unit in what would rank among the largest initial public offerings (IPO) in the United Arab Emirates.
ADNOC has dished out a unified drilling contract worth $763.7million, with Schlumberger and Halliburton landing sizeable shares.
Shelf Drilling has reported an early termination for two of its rigs, both of which were contracted to Adnoc Drilling.
Innovation and new approaches are dominating ADNOC’s drive for new sources of gas.
Baker Hughes is shoring up its position in Abu Dhabi, opening a new wellhead repair and maintenance facility in the country last week, while talking up its various positions in the region.