Adnoc’s global expansion through the creation of ventures will present opportunities for its subsidiary, Adnoc Drilling, which is looking for oil drilling tenders in Kuwait and Oman, a senior executive said.
Adnoc, responsible for most of the UAE’s oil production, is boosting its international presence and recently announced the launch of XRG, a lower-carbon energy and chemicals investment unit, with an enterprise value of more than $80 billion.
Last month, oil major BP and XRG announced the completion of a joint venture named Arcius Energy, which will initially focus on gas assets in Egypt.
“All of these ambitious international operations of Adnoc, by definition, [will] open for us a lot of doors,” Youssef Salem, the chief financial officer of Adnoc Drilling told The National.
Adnoc Drilling, which is looking to expand in the Middle East, is seeking contracts for drilling and oilfield services in Kuwait and Oman.
“The idea, over time, is to try to build a position similar to what we have in Abu Dhabi in terms of integration,” Mr Salem said.
The drilling business requires longer pre-qualification processes in each country, whereas service operations allow the company to be “more agile” and quickly respond to attractive tenders, he said.
Last year, Adnoc Drilling was earmarked for inclusion on Kuwait Oil Company’s list of approved contractors.
Kuwait, Opec’s fifth-largest producer, aims to increase its crude oil production to four million bpd by 2035 from about 2.4 million bpd.
National oil companies in the Middle East are set to increase oil and gas output in the coming years, betting on demand in developing economies.
Adnoc Drilling will “achieve or exceed” its profit guidance for 2024 when it reports results in mid-February, Mr Salem said.
In October, the company raised the lower limit for its annual net profit to between $1.2 billion and $1.3 billion, compared with the earlier range of $1.15 billion to $1.3 billion.
Adnoc Drilling's fourth-quarter revenue will reflect the initial earnings generated by its newly formed joint ventures, Turnwell and Enersol, Mr Salem said, adding that these ventures will position Adnoc Drilling for a strong 2025.
Last year, Adnoc Drilling, Schlumberger, and Patterson-UTI formed Turnwell, which will focus on the UAE's unconventional oil and gas programme.
Adnoc Drilling also teamed up with Alpha Dhabi Holding to launch Enersol, a tech-focused joint venture, in January last year. The company aims to invest $1.5 billion in technology-driven firms in the oilfield services sector by the end of 2025.
Enersol spent $750 million to $800 million on acquisitions last year and plans to follow a similar strategy this year, Mr Salem said.
“We have a very healthy pipeline. If you look at last year, [the acquisitions] were a majority in North America, and then kind of minority in Europe and the Middle East, so we're looking again at a very similar pipeline for this year,” he added.
Meanwhile, Turnwell is focused on the Abu Dhabi market due to the scale of projects and the opportunity to build a strong track record of successful operations, Mr Salem said.
Turnwell is currently drilling 144 unconventional oil and gas wells as part of a $1.7 billion contract awarded by Adnoc in May. The programme is “on track” to be completed between the end of 2025 and mid-2026, Mr Salem said.
By completing wells faster, the company can reduce costs, increase profit margins, and redeploy rigs to the next well more quickly, he added.
Adnoc Drilling has a contracted backlog of six rigs for this year and next, which will bring the company’s total to 148 rigs. It also plans to add two to three uncontracted rigs annually as part of its regular operations.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
THE%20HOLDOVERS
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The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Star%20Wars%3A%20Episode%20I%20%E2%80%93%20The%20Phantom%20Menace
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%20Big%20Ape%20Productions%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20LucasArts%3Cbr%3E%3Cstrong%3EConsoles%3A%3C%2Fstrong%3E%20PC%2C%20PlayStation%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
Aayan%E2%80%99s%20records
%3Cp%3E%3Cstrong%3EYoungest%20UAE%20men%E2%80%99s%20cricketer%3C%2Fstrong%3E%3Cbr%3EWhen%20he%20debuted%20against%20Bangladesh%20aged%2016%20years%20and%20314%20days%2C%20he%20became%20the%20youngest%20ever%20to%20play%20for%20the%20men%E2%80%99s%20senior%20team.%20He%20broke%20the%20record%20set%20by%20his%20World%20Cup%20squad-mate%2C%20Alishan%20Sharafu%2C%20of%2017%20years%20and%2044%20days.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20wicket-taker%3C%2Fstrong%3E%3Cbr%3EAfter%20taking%20the%20wicket%20of%20Bangladesh%E2%80%99s%20Litton%20Das%20on%20debut%20in%20Dubai%2C%20Aayan%20became%20the%20youngest%20male%20cricketer%20to%20take%20a%20wicket%20against%20a%20Full%20Member%20nation%20in%20a%20T20%20international.%3Cbr%3E%20%3Cbr%3E%3Cstrong%3EYoungest%20in%20T20%20World%20Cup%20history%3F%3C%2Fstrong%3E%3Cbr%3EAayan%20does%20not%20turn%2017%20until%20November%2015%20%E2%80%93%20which%20is%20two%20days%20after%20the%20T20%20World%20Cup%20final%20at%20the%20MCG.%20If%20he%20does%20play%20in%20the%20competition%2C%20he%20will%20be%20its%20youngest%20ever%20player.%20Pakistan%E2%80%99s%20Mohammed%20Amir%2C%20who%20was%2017%20years%20and%2055%20days%20when%20he%20played%20in%202009%2C%20currently%20holds%20the%20record.%3C%2Fp%3E%0A
The specs: 2017 Dodge Ram 1500 Laramie Longhorn
Price, base / as tested: Dhxxx
Engine: 5.7L V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 556Nm @ 3,950rpm
Fuel economy, combined: 12.7L / 100km
MATCH RESULT
Liverpool 4 Brighton and Hove Albion 0
Liverpool: Salah (26'), Lovren (40'), Solanke (53'), Robertson (85')
The specs
Price, base / as tested Dh1,100,000 (est)
Engine 5.2-litre V10
Gearbox seven-speed dual clutch
Power 630bhp @ 8,000rpm
Torque 600Nm @ 6,500rpm
Fuel economy, combined 15.7L / 100km (est)
What is Reform?
Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.
It was founded in 2018 and originally called the Brexit Party.
Many of its members previously belonged to UKIP or the mainstream Conservatives.
After Brexit took place, the party focused on the reformation of British democracy.
Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.
The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
The years Ramadan fell in May
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
