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2014-04-13 20:10:00

ADNOC SIGNS DH 120 M

ADNOC SIGNS DH 120 M

Adnoc has signed a Dh120 million deal for a new oil rig, to be built in the UAE by the American company National Oilwell Varco, is to serve Adnoc's main onshore operator, which is working to increase output to 1.8 million barrels per day (bpd) in 2017 from around 1.5 million bpd today.

Adnoc is planning to expand the number of oil producing rigs, onshore and offshore, from 40 rigs today, to 88 rigs to cope with the increased demand for oil, and to meet Abu Dhabi's target of increasing production to 3.5 million barrels per day by 2020, according to Adnoc officials.

The agreement was signed yesterday in Abu Dhabi by National Oilwell Varco and National Drilling Company (NDC), Adnoc's rig subsidiary.

"NDC is committed to sustainable progress and continuous growth," Abdalla Saeed Al Suwaidi, the chief executive, said in a press release published by the state news agency Wam.

ARABIANOILGAS.COM

Tags: ADNOC, OIL, RIG, VARCO

Chronicle:

ADNOC SIGNS DH 120 M
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

ADNOC SIGNS DH 120 M
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

ADNOC SIGNS DH 120 M
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

ADNOC SIGNS DH 120 M
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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