Abu Dhabi National Oil Company generated close to $200 million in cost savings from efficiencies through introducing integrated drilling services in 2018, the company's executive director for upstream said.
The company achieved efficiency gains of 35 per cent and expects increases of up to 10 per cent year-on-year, Yasser Al Mazrouei told an online panel at CeraWeek, an annual event organised by IHS Markit.
The UAE, which accounts for 4.2 per cent of global output according to BP Statistical Review of World Energy, plans to raise its production capacity to 5 million barrels per day by 2030.
Its production capacity rose to just over 4 million bpd last year.
Adnoc would require "thousands" of new and workover wells to reach the 5 million bpd capacity mark, Mr Al Mazrouei said.
The company also plans to switch 50 per cent of its wells under an integrated drilling services umbrella by 2022, he said.
Services, equipment and even material procurement are consolidated in one contract under this type of arrangement.
Adnoc has been looking to drive greater efficiencies in drilling through digitalisation.
The company, through its drilling arm, also entered into a partnership with US oil services provider Baker Hughes.
In 2018, Baker Hughes took a 5 per cent stake in Adnoc Drilling, paying Dh2.02bn.
Last month, Adnoc said it generated $1.1bn in business value through the use of Big Data and analytics at its Thamama Centre, which oversees upstream operations.
The company accrued $2bn in cost savings over the past five years by using advanced technology and digitalisation to optimise its drilling operations.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
'Skin'
Dir: Guy Nattiv
Starring: Jamie Bell, Danielle McDonald, Bill Camp, Vera Farmiga
Rating: 3.5/5 stars
UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
The five pillars of Islam
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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Killing of Qassem Suleimani
