ADNOC Drilling looks ahead to 2024 with confidence, with plans for further fleet expansion

Abdulrahman Al Seiari, ADNOC Drilling's CEO, today said that the company will continue its strategic plans during 2024, with its plans for further fleet expansion, decarbonisation initiatives, its newly created joint venture (JV) with Alpha Dhabi, and regional expansion.

In a statement to the Emirates News Agency (WAM), Al Seiari said, "ADNOC Drilling is looking forward to 2024 with confidence and optimism. 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 13th February, he said that following ADNOC Drilling's transformation into an Integrated Drilling Services (IDS) provider in late 2018, the company managed to capture in just a few short years, a level of business growth that has taken other companies significantly 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 new 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 stated.

He emphasised that another key focus area this year will be on international expansion beyond the borders of Abu Dhabi. "In 2023, we took our sphere and in the international sphere and aim to expand our presence even further this year. We will advance our strategy through a combination of further organic growth and the potential for regional acquisitions," he added.

Al Seiari highlighted, "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. To date, a total of 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," he stated.

ADNOC Drilling has fostered one of the largest multi-disciplined fleets in the world, backed by the latest innovations and an acquisitive mindset to deliver on its commitments and meet the world's future energy needs.

"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.