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ADNOC Launches Major Rig Fleet Expansion Program

Gasoil News - Published on Wed, 20 Nov 2019

Image Source: ADNOC
Abu Dhabi National Oil Company subsidiary ADNOC Drilling announced a major rig fleet expansion program to support ADNOC’s upstream growth plans and enable the delivery of its 2030 Smart Growth Strategy. In the first phase of the wider expansion program, ADNOC acquired, in November 2019, four technologically advanced and UAE-built land rigs with a total value of over AED 350 million ($100 million). Following the integration of the four rigs, which will join the fleet in the first quarter of 2020, ADNOC Drilling plans to acquire dozens of additional land, offshore, and island rigs by 2025.

The expansion program was announced at the 15th annual Rig Owners Seminar, which is organized by ADNOC Drilling in cooperation with DNV GL and held on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference.

The four new rigs acquired in November 2019 were manufactured in the UAE by National Oilwell Varco (NOV) and will be deployed in ADNOC’s onshore fields, which currently contribute more than 50 percent of ADNOC’s daily Murban oil production capacity. Acquiring UAE-built rigs, underpins ADNOC’s In-Country Value strategy, aimed at the growth and diversification of the UAE’s economy. The rig additions take the value of UAE-built rigs in ADNOC Drilling to more than AED 7 billion (USD 1.9 billion).

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Posted By : Yogender Pancholi on Wed, 20 Nov 2019
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