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ADNOC announces major drilling rig fleet expansion

14/11/2019
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ADNOC Drilling, a subsidiary of the Abu Dhabi National Oil Company (ADNOC) has announced plans to buy dozens of drilling rigs by 2025 as part of a major fleet expansion program.


(Image via ADNOC Drilling)

The program is intended to support the state-owned company’s upstream growth plans to deliver the country’s 2030 Smart Growth Strategy. 

ADNOC have already begun the first phase of the expansion with the acquisition of four technologically advanced land rigs totalling over AED 350 million ($100 million). Each of these rigs was manufactured in the UAE by National Oilwell Varco (NOV) and will be deployed in ADNOC’s onshore fields, contributing more than 50% of daily Murban oil production capacity. These additions put the total value of UAE-built rigs in ADNOC Drilling to more than AED 7 billion ($1.9 billion).

Following the integration of these rigs in Q1 2020, the firm say they plan to acquire “dozens” of additional land, offshore and island rigs by 2025.

"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. In addition, the possession of modern, diverse, and technologically advanced rigs enhances our operational efficiency as we amplify our drilling activities in line with ADNOC’s 2030 smart growth strategy and a more profitable upstream,” said Abdalla Saeed Al Suwaidi, ADNOC Drilling CEO.

ADNOC have also stressed their commitment to continuing to develop Oil fields within the UAE. With the company supplying nearly 3% of global oil demand, they intend to continue driving revenue through ongoing crude development. 

“Our oil is our gold”, said Abdulmunim Saif Al-Kindy, ADNOC’s Upstream Executive Director and Chairman of the Board of Directors during the ADIPEC Oil & Gas conference.

“With the reserves we have, the challenge is monetizing it at the right time.”

The expansion project reflects this thought process, with further expansion announcements expected.

"ADNOC Drilling’s rig fleet expansion underscores ADNOC’s drive to unlock and maximise value from Abu Dhabi’s vast hydrocarbon resources and will further improve drilling and well-completion efficiencies. The programme 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,” said Al-Kindy.

"This major rig expansion programme cements ADNOC Drilling’s position as the largest drilling company in the Middle East and the region’s first fully Integrated Drilling Services, IDS, company and will support ADNOC’s target to achieve a crude oil production capacity of 5 million barrels per day by 2030."

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ADNOC announces major drilling rig fleet expansion - Time to read 3 min
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