This week saw two major moves in the drilling industry with ramifications for the Middle East. First, Houston-based oilfield services firm Baker Hughes, a GE company, is taking a 5% stake in Abu Dhabi’s Adnoc Drilling. The transaction values Adnoc Drilling at approximately $11bn according to a Baker Hughes statement on 8 October.
The “unique” partnership, the firm adds, comes as Adnoc picks up its development activity targeting major oil and gas gains, including unconventional reserves. Drilling activity in the UAE is currently at record levels, with the rig count averaging a record 56 in Q3 this year (MEES, 12 October). (CONTINUED - 235 WORDS)