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Adnoc Drilling to explore regional buyouts

Adnoc Drilling's board recommended a final dividend payment of $358 million for 2023 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.

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.

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