ADNOC subsidiary is also aiming for geographical expansion for its next round of growth.
The ADNOC Drilling Company – which recently completed an immensely successful IPO – has entered a five-year drilling services agreement with ADNOC Onshore for the continued provision of drilling, workover and other well services. The contract runs into a total value of $3.8 billion.
The “contract benefits both ADNOC Drilling and ADNOC Onshore” and confirms the former’s “unique position as sole drilling services provider to ADNOC”. Abdulrahman Abdullah Al Seiari, CEO of ADNOC Drilling, said: “This contract award further extends a 50-year profitable and unique partnership. Working together, we will continue to drive value for ADNOC and the UAE, delivering on the 2030 strategic production capacity and gas self-sufficiency targets.”
Following its record ADX listing on October 3, ADNOC Drilling’s latest financials show “strong and resilient growth”. Now, it will focus on geographical expansion and further development of the oilfield services offerings. ADNOC Drilling is the only provider of fully integrated drilling services (IDS) in the region, and, since 2018, has delivered more than $250 million of savings to its customers through the delivery of these wells.
KEY ROLE
ADNOC Drilling is a “critical link” in ADNOC’s upstream business, as ADNOC continues to move towards its oil production capacity target of 5 million barrels per day by 2030 and enabling gas self-sufficiency for the UAE.
(Except for the headline, this story has not been edited by The Finance World staff and is published from a syndicated feed.)
