Oil & Gas Adnoc Drilling to explore regional buyouts By Pramod Kumar February 7, 2024, 5:06 AM Adnoc Drilling Adnoc Drilling's board recommended a final dividend payment of $358 million for 2023 Adnoc Drilling is looking for regional acquisitions to expand its international reach in 2024. The company expects to have 142 operational rigs in 2024 to support state-owned parent company Adnoc’s five million barrels per day capacity target, state-run Wam news agency reported, citing CEO Abdulrahman Al Seiari. “The expansion of fleet and integrated drilling services capabilities, however, are not the only avenues we have continued to improve as an organisation,” he said. Adnoc Drilling Q3 profit rises 36% Adnoc Drilling’s new JV targets $1.5bn investments Adnoc Drilling efficiency drive targets recruitment The company has 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 said. To date, 16 hybrid power land rigs have been acquired, with the first two commencing operations late last year. The remaining are expected to enter service throughout 2024, he stated. “The opportunity for the development of unconventional energy resources will be an increasing focus for us, particularly within the home market, to support the UAE’s goal of becoming gas self-sufficient and a net exporter of natural gas by 2030,” the CEO added. Adnoc Drilling will announce its 2023 full-year results on February 13.
Renewable Energy UAE plans $6bn solar energy storage plant The UAE will construct a renewable facility capable of providing energy at scale around the clock. The project – estimated to cost $6 billion – will be developed in partnership between the UAE state-owned renewables company Masdar and the Emirates Water and Electricity Company (Ewec). The new facility will include solar power with the potential […] 2 hours ago
Retail Sales rise 18% for airport retailer Qatar Duty Free Airport retailer Qatar Duty Free has reported an 18 percent sales increase for 2024. The rise was higher than passenger growth at Hamad International Airport in Doha, which increased 15 percent to 52.7 million. Qatar Duty Free, a subsidiary of Qatar Airways that owns and operates the airport’s shopping and food outlets, did not release […] 1 hour ago
Economy Slow restart predicted for GCC aid to Lebanon A resumption of badly needed GCC financial aid to Lebanon may take time, even though most Gulf countries have given their blessing to the new Lebanese president Joseph Aoun, according to observers. The six nations of the Gulf Cooperation Council were previously among the biggest aid donors and investors in Lebanon, before they cut assistance as […] 1 hour ago
Mining Saudi Arabia grants exploratory rights to six mining sites The Saudi Ministry of Industry and Mineral Resources has allocated mineral exploration rights for six mining sites with a combined size of 890 sq km, according to the Saudi Press Agency. On Tuesday, the ministry announced that mining company Amak has been granted three exploratory concessions in Jabal al Khallah North (98 sq km) and […] 1 hour ago
