This first offshore IDS well delivered to ADNOC Drilling’s client, ADNOC Offshore – also a subsidiary of ADNOC – was completed ahead of schedule and within budget, achieving a best-in-class performance in terms of drilling efficiency.
Abdulmunim Saif Al Kindy, ADNOC Upstream Executive Director, said: “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 percent, resulting in considerable cost savings and increased well profitability. The successful offshore well completion was delivered in record-breaking time, as were the previous onshore IDS wells.
“This milestone firmly positions ADNOC Drilling as a leading provider of comprehensive drilling and well construction services. 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 plans to grow its conventional drilling activity by 40 percent 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. Integrating new drilling and completion capabilities, enables ADNOC Drilling to capitalize on this growth as it supports the wider ADNOC Group to capture more value from every barrel of oil it produces.
Abdalla Saeed Al Suwaidi, CEO of ADNOC Drilling, said: “Extending our comprehensive oilfield service offering to offshore wells less than a year after commencement of our transformation to an IDS company is an important milestone for ADNOC. 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.”
ADNOC’s offshore fields contribute close to 50 percent of ADNOC’s daily oil production capacity. Given the substantial impact wells and drilling have on the cost of upstream projects, it is essential that ADNOC Drilling effectively replicates the successes and efficiencies already achieved onshore to its offshore fields to continuously maximize the value across ADNOC’s full portfolio.
ADNOC Drilling’s well construction and completion services, which are part of its IDS offering, drive In-Country Value creation by offering greater potential for local suppliers and service providers to benefit from ADNOC’s business growth and expansion, as well as improving knowledge transfer and providing employment opportunities for UAE nationals.
ADNOC is a major diversified group of energy and petrochemical companies that produces about 3 million barrels of oil and 10.5 billion cubic feet of raw gas a day. Its integrated upstream, midstream and downstream activities are carried out by 14 specialist subsidiary and joint venture companies.
To find out more visit: www.adnoc.ae
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Established in 1972, ADNOC Drilling provides drilling rigs and associated services to ADNOC Group companies. ADNOC Drilling is the largest drilling company in the Middle East and operates an expansive fleet of rigs that includes 60 land rigs, 20 jackup rigs, and 11 island rigs that drilled over 8,000 wells and more than 50 million feet. To find out more visit: www.adnoc.ae/en/adnoc-drilling.