2019-04-01 10:40:00
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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Earlier:
2019, March, 25, 10:55:00
ADNOC, OMV AGREEMENTAbu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces Sheikh Mohamed bin Zayed Al Nahyan and Chancellor of Austria Sebastian Kurz attended the signing ceremony of Memorandum of Understanding (MoU) between Abu Dhabi National Oil Company (ADNOC) and OMV and Borealis to explore new opportunities for collaboration in the downstream sector. |
2019, February, 25, 11:35:00
ADNOC INVESTMENT AGREEMENT $4 BLNMEOG - The Abu Dhabi National Oil Company (ADNOC) has signed a multi-billion-dollar midstream pipeline infrastructure partnership with KKR and BlackRock. Through a newly formed entity, ADNOC Oil Pipelines, ADNOC will lease its interest in 18 pipelines for a 23-year period. ADNOC received upfront proceeds of $4bn from the transaction, which is expected to close in Q3 2019. |
2019, February, 20, 10:40:00
ADNOC RATING AA+ENA - The Abu Dhabi National Oil Company, ADNOC, announced that Fitch Ratings, Fitch, has assigned ADNOC Group a standalone credit rating of AA+. The rating, according to Fitch, highlights the company’s high upstream output and significant reserves, strong profitability, commercially-focused business model, downstream integration and conservative financial profile. The rating, Fitch said, sits at the upper boundary of the agency’s rating spectrum for all oil and gas companies. |
2019, January, 28, 09:50:00
ENI, OMV, ADNOC: $5.8 BLNREUTERS - Italy’s Eni and Austria’s OMV have agreed to pay a combined $5.8 billion to take a stake in Abu Dhabi National Oil Company’s (ADNOC) refining business and establish a new trading operation owned by the three partners. |
2018, December, 10, 08:15:00
ADNOC INCREASES VALUEADNOC - The Abu Dhabi National Oil Company (ADNOC) has announced its successful collaboration with IBM, piloting a Blockchain-based automated system to integrate oil and gas production across the full value chain. |
2018, November, 14, 11:30:00
ADNOC & SAUDI ARAMCO COOPERATIONADNOC - The Abu Dhabi National Oil Company (ADNOC) signed a framework agreement with Saudi Aramco (Aramco), to explore potential opportunities for collaboration in the natural gas and Liquefied Natural Gas (LNG) sectors. |
2018, November, 14, 11:25:00
ENI, ADNOC CONCESSIONADNOC - ADNOC signs First Hail, Ghasha and Dalma Ultra-Sour Gas Concession with Italy’s Eni |
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April, 17, 11:45:00 |
OIL PRICE: NEAR $72 |
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April, 17, 11:35:00 |
OIL PRICES: TROUBLED WATERS |
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April, 17, 11:25:00 |
U.S. ENERGY CONSUMPTION UP 4% |
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April, 17, 11:22:00 |
21ST AFRICA ENERGY FORUM | 11-14TH JUNE | PORTUGAL |
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April, 17, 11:20:00 |
U.S. PRODUCTION: OIL + 80 TBD, GAS + 907 MCFD |
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April, 17, 11:15:00 |
EUROPE'S GAS PIPELINES RULES |
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Chronicle:
2019, April, 17, 11:10:00
RUSSIA'S ARCTIC ENERGY
Russian energy major Gazprom Neft expects the Arctic to account for more than half its oil and gas production by 2020,
2019, April, 17, 11:05:00
NUCLEAR FOR BETTER LIFE
Alexey Likhachev reminded the audience that the Forum motto is “Nuclear for better life”. Each sphere of human activity is affected by the achievements of nuclear industry. “Peaceful atom is associated with all aims and goals of UN sustainable development program. This Forum will become a space for discussing newest technologies that will lay the basis for the future of our planet”, Mr Likhachev emphasized.
2019, April, 17, 11:00:00
RUSSIA, DUBAI INVESTMENT
The investment incentives provided by Dubai government and the business opportunities up for grabs on the horizon were the crux of a meeting officials of the Dubai Land Department, DLD, had with a Russian delegation who participated in the recently concluded Annual Investment Meeting 2019.
2019, April, 17, 10:55:00
U.S. INDUSTRIAL PRODUCTION DOWN 0.1%
U.S. FRB - Industrial production edged down 0.1 percent in March after edging up 0.1 percent in February; for the first quarter as a whole, the index slipped 0.3 percent at an annual rate.
