ADNOC Drilling plans to add 13 new rigs in 2024, at a cost of between $750 million and $950 million.
The addition of these rigs will bring the total number to 142 rigs, which will help raise production to 5 million barrels per day in 2027, Yousef Salem, the company’s chief financial officer, said in a media briefing held on Thursday.
He pointed out that the company is working with an unconventional drilling system, which will help ADNOC achieve self-sufficiency in gas by 2030.
He explained that the number of the company's rigs reached 129 rigs in 2023, which is the largest onshore and offshore drilling fleet in the Middle East, noting that 48 rigs are being used in the field of oil field services.
He pointed out that the company has contracts with ADNOC extending over the next 15 years.
He said that the company has started its external expansion through an exploratory well in Jordan, expecting to receive requests for expansion in the Sultanate of Oman and other countries.
He noted that there is no intention to issue sukuk at the present time, pointing out that there is liquidity available from banks.
The company is expected to achieve $750 million in oil services revenues in 2024, which will constitute 20 percent of the company's total revenues.
