Adnoc Drilling completes first offshore integrated drilling services well
The oil firm targets 4 million barrels per day oil production capacity by the end of 2020
Adnoc Drilling, a subsidiary of the Abu Dhabi National Oil Company (Adnoc) completed its first offshore integrated drilling services (IDS) well in Umm Lulu offshore oilfield to boost efficiency of its oil production.
“Our first offshore IDS well and the 14 onshore IDS wells drilled over the course of this year have shown an increase in our drilling performance by about 25 per cent, resulting in considerable cost savings and increased well profitability,” Adnoc’s upstream executive director Abdulmunim Saif Al Kindy said in a statement on Tuesday.
Adnoc plans to grow its conventional drilling activity 40 per cent by 2025 and substantially ramp up the number of its unconventional wells, as it targets an increase in oil production capacity to 4 million barrels per day by the end of 2020 and 5 million by 2030. Offshore fields contribute close to 50 per cent of Adnoc's daily oil production capacity.
“This milestone firmly positions Adnoc Drilling as a leading provider of comprehensive drilling and well construction services," Mr Al Kindy added.
"It also positions Adnoc Drilling as the first national integrated drilling company in the region at an important time, when we are substantially expanding our oil production capacity, unlocking Abu Dhabi’s vast conventional and unconventional hydrocarbon resources, and driving efficiencies across all of our operations to deliver more value to the UAE and our partners.”
Adnoc Drilling has a partnership with the US oil services provider Baker Hughes. Last year, Baker Hughes took a 5 per cent stake in Adnoc Drilling, paying Dh2.02 billion.
“This achievement, which followed our strategic partnership with Baker Hughes, a GE company, further strengthens our pivotal role in enabling Adnoc’s planned increase of hydrocarbon production capacity across its onshore and offshore fields,” Abdalla Saeed Al Suwaidi, chief executive of Adnoc Drilling.
Published: September 24, 2019 02:58 PM