Abu Dhabi-listed Adnoc Drilling is actively considering expanding its rigs and services network into the Middle East, Bloomberg reported.
 
The firm was seeking to venture out since its 2021 IPO but expedited expansion plans of Abu Dhabi National Oil Company, its parent company, meant all its rigs had to go to sites in Abu Dhabi, the news agency reported, citing Chief Financial Officer Youssef Salem.
 
He added that all operational rigs, except one, are currently deployed in Abu Dhabi, primarily serving its parent company. Nevertheless, the company will have adequate rigs to deploy outside of the UAE by the end of 2024, Salem said. 
 
The company will spend $750-950 million to acquire 15 rigs this year, the report said.
 
Adnoc Drilling aims to tap into the significant opportunities within the Gulf Cooperation Council (GCC) countries, where oil and gas production is typically more cost-effective and environmentally friendly.
 
The company is qualified to bid to supply rigs in Oman and is seeking approval to participate in tenders in Saudi Arabia and Kuwait, Salem said.

(Editing by Seban Scaria seban.scaria@lseg.com)