Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, has bought two premium offshore jack-up rigs as it expands and helps parent company Adnoc to boost its crude oil production capacity.
The company signed a sale-and-purchase agreement to acquire the drilling units from Well Target Five and Well Target Six, Adnoc Drilling said in a statement on Monday to the Abu Dhabi Securities Exchange, where its shares are traded.
Since listing on the Abu Dhabi bourse last October, Adnoc Drilling has expanded its fleet to 104 owned rigs as of March 31 from 96.
“This is another important step in our fast-paced expansion and growth programme, and to meet the growing demand to achieve Adnoc’s ambitious goals of increasing its oil production capacity and achieving gas self-sufficiency for the UAE,” said Abdulrahman Al Seiari, chief executive of Adnoc Drilling.
The drilling units are expected to join Adnoc's Drilling fleet and start operations in the third quarter of 2022.
Adnoc aims to remain one of the lowest-cost producers and lowest carbon emitters in the oil and gas industry even as it increases its crude production capacity.
It plans to achieve gas self-sufficiency for the UAE, as well as expand its downstream business and strengthen its trading capabilities.
The state oil producer also plans to significantly increase its investment in hydrocarbons and will raise its output capacity to 5 million barrels per day by 2030.
It has awarded a number of contracts to different companies to increase its production.
Last year, Adnoc's board approved plans to spend Dh466 billion between 2022 and 2026 to expand its upstream production capacity and downstream portfolio, as well as its low-carbon fuels business and clean energy ambitions.
It also revealed a “significant” increase in national reserves of 4 billion stock-tank barrels (STB) of oil and 16 trillion standard cubic feet of natural gas.
The company also made new oil discoveries at Bu Hasa, the emirate’s biggest onshore field, as well as at the onshore Block 3 and Al Dhafra Petroleum Concession, Adnoc said earlier this month.
Adnoc Drilling's first-quarter net income jumped by more than 59 per cent to $175 million as revenue climbed 15 per cent on the back of strong performance from all business segments.
The company raised more than $1.1 billion last year from its initial public offering, which was oversubscribed more than 31 times.
State-owned oil and gas company Adnoc remains the company's majority shareholder, with an 84 per cent stake.
US energy services company Baker Hughes, which entered into a partnership with Adnoc Drilling in October 2018, has 5 per cent while US contract oil and gas driller Helmerich & Payne holds 1 per cent in the company.
UAE currency: the story behind the money in your pockets
Navdeep Suri, India's Ambassador to the UAE
There has been a longstanding need from the Indian community to have a religious premises where they can practise their beliefs. Currently there is a very, very small temple in Bur Dubai and the community has outgrown this. So this will be a major temple and open to all denominations and a place should reflect India’s diversity.
It fits so well into the UAE’s own commitment to tolerance and pluralism and coming in the year of tolerance gives it that extra dimension.
What we will see on April 20 is the foundation ceremony and we expect a pretty broad cross section of the Indian community to be present, both from the UAE and abroad. The Hindu group that is building the temple will have their holiest leader attending – and we expect very senior representation from the leadership of the UAE.
When the designs were taken to the leadership, there were two clear options. There was a New Jersey model with a rectangular structure with the temple recessed inside so it was not too visible from the outside and another was the Neasden temple in London with the spires in its classical shape. And they said: look we said we wanted a temple so it should look like a temple. So this should be a classical style temple in all its glory.
It is beautifully located - 30 minutes outside of Abu Dhabi and barely 45 minutes to Dubai so it serves the needs of both communities.
This is going to be the big temple where I expect people to come from across the country at major festivals and occasions.
It is hugely important – it will take a couple of years to complete given the scale. It is going to be remarkable and will contribute something not just to the landscape in terms of visual architecture but also to the ethos. Here will be a real representation of UAE’s pluralism.
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SQUADS
Bangladesh (from): Shadman Islam, Mominul Haque, Soumya Sarkar, Shakib Al Hasan (capt), Mahmudullah Riyad, Mohammad Mithun, Mushfiqur Rahim, Liton Das, Taijul Islam, Mosaddek Hossain, Nayeem Hasan, Mehedi Hasan, Taskin Ahmed, Ebadat Hossain, Abu Jayed
Afghanistan (from): Rashid Khan (capt), Ihsanullah Janat, Javid Ahmadi, Ibrahim Zadran, Rahmat Shah, Hashmatullah Shahidi, Asghar Afghan, Ikram Alikhil, Mohammad Nabi, Qais Ahmad, Sayed Ahmad Shirzad, Yamin Ahmadzai, Zahir Khan Pakteen, Afsar Zazai, Shapoor Zadran
'Texas Chainsaw Massacre'
Rating: 1 out of 4
Running time: 81 minutes
Director: David Blue Garcia
Starring: Sarah Yarkin, Elsie Fisher, Mark Burnham
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
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What are the regulations?
- Fly it within visual line of sight
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The bio
Favourite book: The Alchemist by Paulo Coelho
Favourite travel destination: Maldives and south of France
Favourite pastime: Family and friends, meditation, discovering new cuisines
Favourite Movie: Joker (2019). I didn’t like it while I was watching it but then afterwards I loved it. I loved the psychology behind it.
Favourite Author: My father for sure
Favourite Artist: Damien Hurst
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
INFO
Everton 0
Arsenal 0
Man of the Match: Djibril Sidibe (Everton)
THE BIO
Born: Mukalla, Yemen, 1979
Education: UAE University, Al Ain
Family: Married with two daughters: Asayel, 7, and Sara, 6
Favourite piece of music: Horse Dance by Naseer Shamma
Favourite book: Science and geology
Favourite place to travel to: Washington DC
Best advice you’ve ever been given: If you have a dream, you have to believe it, then you will see it.
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The%20specs
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
THE BIO
Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
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WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
