Adnoc Drilling reported a 32% year-on-year increase in revenue to a record $4.03bn last year, with net profits up 26% to $1.30bn as it continues its operations. The firm ended the year with 142 rigs, up from 129 at end-2023 as Abu Dhabi’s overall drilling hit a record high (see p24). With Adnoc Drilling (Adnoc 78.5%, Baker Hughes 5%, free float 16.5%) supporting parent company Adnoc’s huge upstream expansion projects, the firm expects further strong growth this year and is guiding for revenues of $4.6-4.8bn and net profit of $1.35-1.45bn.
One of the major developments last year was the December closing of the Turnwell joint venture with SLB and Patterson-UTI which is tasked with unlocking Abu Dhabi’s unconventional energy resources. Under a $1.7bn first phase contract it will deliver 144 unconventional wells by end-2026 (MEES, 4 October 2024). Overall, Adnoc Drilling expects to drill thousands of wells for Adnoc’s unconventional program, and says that for the Ruwais-Diyab concession (Adnoc 90%, TotalEnergies 10%) alone it expects to drill around 300 wells. Ruwais-Diyab is planned to produce 1bn cfd by 2030. (CONTINUED - 274 WORDS)