Nov 18 | 2019
Unlock and Maximize ‘Vast Hydrocarbon Resources’
Energy firm Abu Dhabi National Oil Co. said it plans a "major rig fleet expansion program" as part of upstream growth plans.
The investment is expected to drive breakbulk activity across the UAE as ADNOC works towards delivery of its 2030 Smart Growth Strategy.
“ADNOC Drilling’s rig fleet expansion underscores ADNOC’s drive to unlock and maximize value from Abu Dhabi’s vast hydrocarbon resources and will further improve drilling and well-completion efficiencies,” said Abdulmunim Saif Al Kindy, executive director of ADNOC Upstream.
U$100 Million First Phase
The first phase of investment includes the acquisition of four advanced land rigs with a total value of more than U$100 million. Manufactured in the UAE by National Oilwell Varco (NOV) the new rigs will be deployed in ADNOC’s onshore fields, which account for more than half of ADNOC’s Murban oil production capacity.
“The program 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,” Al Kindy added.
The four rigs will be integrated into ADNOC’s fleet in the first quarter of 2020, with future plans to acquire dozens of additional land, offshore, and island rigs by 2025.
Ports Framework Agreement
In a separate spur of the group’s strategy, ADNOC also announced two comprehensive framework agreements with port developers, Abu Dhabi Ports and Aldar Properties PSJC (Aldar).
These agreements are expected to yield opportunities for collaboration under ADNOC’s In-Country Value (ICV) Program and support renewed investment in the UAE’s logistics and construction sectors.
“The success of the transport and logistics industry of tomorrow is dependent on the investment in the excellence of Abu Dhabi’s infrastructure and the expertise of our Emirati professionals, and with today’s agreements, we continue to make significant steps in that direction,” said Capt. Mohamed Juma Al Shamisi, group CEO of Abu Dhabi Ports.
The investment is expected to drive breakbulk activity across the UAE as ADNOC works towards delivery of its 2030 Smart Growth Strategy.
“ADNOC Drilling’s rig fleet expansion underscores ADNOC’s drive to unlock and maximize value from Abu Dhabi’s vast hydrocarbon resources and will further improve drilling and well-completion efficiencies,” said Abdulmunim Saif Al Kindy, executive director of ADNOC Upstream.
U$100 Million First Phase
The first phase of investment includes the acquisition of four advanced land rigs with a total value of more than U$100 million. Manufactured in the UAE by National Oilwell Varco (NOV) the new rigs will be deployed in ADNOC’s onshore fields, which account for more than half of ADNOC’s Murban oil production capacity.
“The program 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,” Al Kindy added.
The four rigs will be integrated into ADNOC’s fleet in the first quarter of 2020, with future plans to acquire dozens of additional land, offshore, and island rigs by 2025.
Ports Framework Agreement
In a separate spur of the group’s strategy, ADNOC also announced two comprehensive framework agreements with port developers, Abu Dhabi Ports and Aldar Properties PSJC (Aldar).
These agreements are expected to yield opportunities for collaboration under ADNOC’s In-Country Value (ICV) Program and support renewed investment in the UAE’s logistics and construction sectors.
“The success of the transport and logistics industry of tomorrow is dependent on the investment in the excellence of Abu Dhabi’s infrastructure and the expertise of our Emirati professionals, and with today’s agreements, we continue to make significant steps in that direction,” said Capt. Mohamed Juma Al Shamisi, group CEO of Abu Dhabi Ports.
