Adnoc’s drilling activity is down markedly in 2021 as the state energy-giant’s upstream activity gradually recovers from the Covid-19 pandemic. The firm’s recently listed drilling arm, Adnoc Drilling, says that activity is now ramping up again (MEES, 12 November), with CEO Abdulrahman al-Seiari noting in its Q3 results that “as we look to the final quarter and to 2022, we see our operations returning to normal post-pandemic [levels].”
Adnoc Drilling describes itself “as the sole provider of drilling services in Abu Dhabi,” and has drilled 396 wells over the first nine months of 2021. This is down by 8% on the same period last year. Some 349 of this year’s wells (88%) have been drilled onshore. Nevertheless, revenues were up 11% year-on-year at $571mn and net profits surged by 48% to $178mn. On a quarterly basis, Q3 revenues dipped slightly from Q2 to $571mn, but net profits edged up to $178mn (see table). (CONTINUED - 821 WORDS)
