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2019-04-01 10:40:00

ADNOC, BAKER HUGHES PARTNERSHIP

ADNOC, BAKER HUGHES PARTNERSHIP

MEOG - ADNOC Drilling, an Abu Dhabi National Oil Company (ADNOC) subsidiary, announced, today, the completion of its first fully 'integrated drilling services' well in the Al Dabbyia onshore field, in the Al Dhafra Region of the Abu Dhabi emirate.

The well was the first to be drilled in a fully integrated way – delivered to ADNOC Drilling's client, ADNOC Onshore – following the announcement of a strategic partnership between ADNOC and Baker Hughes, a GE company (BHGE). This first well was completed ahead of plan and within budget.

"Today marks an important milestone in ADNOC Drilling's history as the company sets out to deliver fully integrated services across the drilling value chain, unlocking new growth opportunities and revenue potential," said Abdulmunim Saif Al Kindy, ADNOC upstream executive director. "The transformation of ADNOC Drilling into a fully integrated drilling and well-completion company is part of ADNOC's group-wide transformation to ensure it thrives in the evolving energy landscape and takes advantage of new market opportunities.

"In partnership with BHGE, ADNOC Drilling will generate predictable, long-term revenue streams and growth in the market. By leveraging a complete range of drilling services, the company will also enhance its operational performance, in line with ADNOC's 2030 smart growth strategy, which seeks to increase its crude oil and gas production capacity and optimize costs and efficiencies to create a more profitable upstream business."

ADNOC plans to grow its conventional drilling activity by 40% by 2025 and substantially ramp up the number of its unconventional wells, as it targets 4mn barrels of oil production capacity per day by the end of 2020 and 5mn by 2030.

ADNOC Drilling will remain the sole rig provider to the ADNOC Group of companies and capitalize on ADNOC's growing upstream activity as it demonstrates increasing drilling efficiencies and improved customer service levels.

"We are the largest hydrocarbon drilling company in the Middle East," said Abdalla Saeed Al Suwaidi, CEO of ADNOC Drilling. "We have expanded continuously over the last four decades, acquiring new rigs and investing in the latest technologies, building a world-class workforce and earning a reputation as a leading and reliable provider of well drilling and servicing.

"Becoming a fully integrated drilling and well-completion company is another major milestone in our development and expansion strategy. It will enable us to better support ADNOC in delivering its exploration and production growth plans and in capturing more value from every barrel of oil it produces. It also increases the company's competitiveness, strengthens our service offering and positions ADNOC for future regional expansion."

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