ADNOC Drilling now has the capacity to offer full drilling and well services, unlocking new growth and value opportunities
Company’s transformation into a fully integrated drilling business to drive efficiencies and better well economics for customers
ADNOC Drilling leveraging rig fleet capacity and integrated service offering to capitalize on future new business opportunities in the UAE and beyond
Abu Dhabi, UAE – ADNOC Drilling, an Abu Dhabi National Oil Company (ADNOC) subsidiary, announced, today, the completion of its first fully ‘integrated drilling services’ well in the Al Dabbyia onshore field, in the Al Dhafra Region of the Abu Dhabi emirate.
The well was the first to be drilled in a fully integrated way – delivered to ADNOC Drilling’s client, ADNOC Onshore – following the announcement of a strategic partnership between ADNOC and Baker Hughes, a GE company (BHGE), which is helping to enable and support the growth and development of ADNOC Drilling as the company targets new business opportunities in the UAE and beyond.
This first well was completed ahead of plan and within budget, achieving a best-in-class performance in terms of drilling efficiency.
Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director, said: “Today marks an important milestone in ADNOC Drilling’s history as the company sets out to deliver fully integrated services across the drilling value chain, unlocking new growth opportunities and revenue potential. The transformation of ADNOC Drilling into a fully integrated drilling and well-completion company is part of ADNOC’s group-wide transformation to ensure it thrives in the evolving energy landscape and takes advantage of new market opportunities.
“In partnership with BHGE, ADNOC Drilling will generate predictable, long-term revenue streams and growth in the market. By leveraging a complete range of drilling services, the company will also enhance its operational performance, in line with ADNOC’s 2030 smart growth strategy, which seeks to increase its crude oil and gas production capacity and optimize costs and efficiencies to create a more profitable upstream business.”
ADNOC plans to grow its conventional drilling activity by 40 percent by 2025 and substantially ramp up the number of its unconventional wells, as it targets 4 million barrels of oil production capacity per day by the end of 2020 and 5 million by 2030.
ADNOC Drilling will remain the sole rig provider to the ADNOC Group of companies and capitalize on ADNOC’s growing upstream activity as it demonstrates increasing drilling efficiencies and improved customer service levels.
Abdalla Saeed Al Suwaidi, CEO of ADNOC Drilling, said: “We are the largest hydrocarbon drilling company in the Middle East. We have expanded continuously over the last four decades, acquiring new rigs and investing in the latest technologies, building a world-class workforce and earning a reputation as a leading and reliable provider of well drilling and servicing.
“Becoming a fully integrated drilling and well-completion company is another major milestone in our development and expansion strategy. It will enable us to better support ADNOC in delivering its exploration and production growth plans and in capturing more value from every barrel of oil it produces. It also increases the company’s competitiveness, strengthens our service offering and positions ADNOC for future regional expansion.”
The UAE is located in one of the world’s largest hydrocarbon super-basins with significant potential to tap its undeveloped reservoirs and further develop its existing resources. Realizing this potential, alongside the ongoing growth and development of ADNOC Drilling, will provide more opportunities for local third-party service providers to compete for and support ADNOC’s expanding integrated drilling and ancillary service requirements.
-Ends-
About
Integrated Drilling Services (IDS) combines the core business of well drilling with a wide-range of other complementary services that are necessary to bring the well to the production phase. These services include logging services to gather data on the geologic formations of a borehole and reservoir characterization; drilling fluid used to facilitate the drilling process; casing and cementing to isolate the wellbore; and directional drilling to hit targets that cannot be reached with vertical well drilling. These are in addition to many other auxiliary services. The Integrated Drilling Services (IDS) approach increases competitiveness, enhances drilling efficiency, and improves well economics.
About ADNOC
ADNOC is one of the world’s leading diversified energy and petrochemicals groups with a daily output of about 3 million barrels of oil and 10.5 billion cubic feet of natural gas. With 14 specialist subsidiary and joint venture companies, ADNOC is a primary catalyst for the UAE’s growth and diversification. To find out more visit www.adnoc.ae.
For further information: media@adnoc.ae.
About ADNOC Drilling
Established in 1972, ADNOC Drilling provides drilling rigs and associated services to ADNOC Group companies. ADNOC Drilling is the largest drilling company in the Middle East and operates an expansive fleet of rigs that includes 60 land rigs, 20 jackup rigs, and 11 island rigs that drilled over 8,000 wells and more than 50 million feet. To find out more visit: www.adnoc.ae/en/adnoc-drilling.
© Press Release 2019Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
