ADNOC Drilling, a subsidiary of Abu Dhabi National Oil Company (ADNOC), is acquiring two more premium offshore jack-up drilling units, to boost its oil production capacity and meet growing demand, the company said on Monday.
The company has just signed a sale and purchase agreement (SPA) for the drilling unit expansion, which is part of ADNOC’s strategy to deliver a production capacity of five million barrels per day and help the UAE achieve its gas self-sufficiency targets.
The units will join ADNOC’s drilling fleet and start operations in the third quarter of this year, according to a statement on the Abu Dhabi Securities Exchange (ADX).
“This is another important step in our fast-paced expansion and growth program, 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 Abdullah Al Seiari, CEO of ADNOC Drilling.
ADNOC Drilling has grown its fleet from 96 to 104 owned rigs since it listed on the local bourse in October 2021.