The delay to the $22bn expansion plans of the Abu Dhabi Marine Operating Company (ADMA-OPCO) is due to a shortage of offshore rigs, whose numbers are set to rise to a record 20 by the end of the year from 13 currently operating, ADMA-OPCO officials say. Services firm Baker Hughes counts 10 rigs active offshore Abu Dhabi, the highest figure since the early 1980s (see graph)
The Abu Dhabi National Oil Company (ADNOC) has a 60% stake in ADMA-OPCO: partners BP, Total and Japan’s Jodco have a combined 40%. (CONTINUED - 854 WORDS)
