Abu Dhabi: Abu Dhabi’s Adnoc Drilling, on Tuesday, unveiled its strategic plans for 2024, including further fleet expansion, decarbonisation efforts, the establishment of a joint venture with Alpha Dhabi, and regional expansion.
In a statement to state news agency WAM, Adnoc Drilling CEO Abdulrahman Al Seiari said, “This year will be a landmark year. In line with our mandate to support Adnoc’s 5 million barrels per day capacity target, the continued growth of our fleet, which we expect to reach 142 operational rigs this year, is central to our future success.”
Ahead of announcing its 2023 full-year results on February 13, Al Seiari said that following Adnoc Drilling’s transformation into an Integrated Drilling Services (IDS) provider in late 2018, the company has managed to capture impressive business growth that has taken other companies longer to achieve.
“The expansion of fleet and IDS capabilities, however, are not the only avenues we’ve continued to improve as an organisation. For example, we recently formed a joint venture with Alpha Dhabi, which will pursue global investments in energy technology and bolster tech-enabled energy services. Access to these technologies will support us in our operations and accelerate well-delivery optimisation,” Al Seiari said.
He emphasised that international expansion will be another key focus area this year. “In 2023, we took our sphere and in the international sphere and aim to expand our presence further this year. We will advance our strategy through further organic growth and the potential for regional acquisitions,” he said.
Al Seiari added, “The opportunity for the development of unconventional energy resources will be an increasing focus for us, particularly within the home market where we are moving to unlock these resources in support of the UAE’s goal of becoming gas self-sufficient and a net exporter of natural gas, by 2030.”
“Through the delivery of IDS wells, we have reduced well delivery times and associated emissions, and now, alongside the recent additions of hybrid power land rigs, we are also accelerating efforts to decarbonise our fleet,” he explained. To date, 16 hybrid power land rigs have been acquired, with the first two commencing operations late last year, and the remainder are expected to enter service throughout 2024.
Al Seirai said Adnoc Drilling has fostered one of the largest multi-disciplined fleets in the world. “With these growth drivers in place, we will continue to build on our proud legacy as a key enabler of the UAE’s economic growth and support the nation’s vision of delivering maximum energy with minimum emissions,” he concluded.