Page 14 - MEOG Week 22 2022

MEOG NEWS IN BRIEF MEOG

gas daily was used domestically. Considering (ADX symbol: ADNOCDRILL / ISIN: independent leg cantilever rigs.
that the country has no natural gas exports, AEA007301012) today announced it has In March 2022, it was announced that
one can assume that this volume is what it signed a sale and purchase agreement (SPA) ADNOC Drilling would become an inaugural
produces. to acquire an additional two premium member of FADX 15, a new tradable
The oil minister’s claim of a one-billion- offshore jack-up drilling units. The investment index created by ADX and FTSE Russell,
cubic-meter production capacity cannot be is central to the Company’s enterprising marking another significant milestone in the
substantiated as according to the same report, expansion strategy and forms part of its three- Company’s history. The index is uniquely
Iran just managed to supply its domestic year guidance on capital expenditure. designed by ADX and FTSE Russell to track
market and had no additional production. ADNOC Drilling’s fast-tracked fleet the performance of the most liquid and largest
The oil minister’s claim also comes at the expansion program keeps the Company companies on the ADX main market.
backdrop of his own admission last November firmly on its growth trajectory as it enables ADNOC DRILLING
that Iran needs upwards of $160 billion ADNOC’s ambitious targets to deliver 5
in investments just to keep its oil and gas million bpd production capacity and realize Oil plus wins Qatar
industries from further decay after decades of gas self-sufficiency for the UAE, while
negligible attention. increasing potential for greater shareholder produced water projects
No substantial investment has been made returns.
in the natural gas sector since the French Total Abdulrahman Abdullah Al Seiari, Chief Oil Plus Ltd has secured two produced water
pulled out of a $5 billion deal when the Trump Executive Officer of ADNOC Drilling, related projects in Qatar worth a total of
administration appeared ready to impose commented: “We are extremely pleased to (USD) $450,000. The independent global
sanctions on Iran. Even the Chinese are not have completed the acquisition of these two oilfield solutions expert will deliver a Pre-
active despite repeated claims that they would premium rigs, which will further bolster FEED oil and water analysis for Qatar Energy,
develop the country’s energy sector. our position as a regional drilling leader and and a water injection study and systems
Without a comprehensive deal with the complement our already high quality offshore optimisation review for North Oil Company
United States to resolve differences, no serious jack-up fleet. This is another important step (NOC).
international investor would commit to the in our fast-paced expansion and growth The UK headquartered business specialises
Iranian market. program, ensuring we meet increasing in water treatment design, troubleshooting
If a nuclear agreement is achieved, which demand as we enable ADNOC’s ambitious oil and the prediction and control of corrosion,
increasingly looks unlikely, what Tehran could and gas production capacity growth as well as fouling and reservoir souring, as well as asset
benefit from is lifting of oil export sanctions achieving gas self-sufficiency for the UAE. In integrity management services. It employs
and some ease in banking relations with the addition to ADNOC Drilling’s commitment around 55 staff and contractors including
world. But doubts will remain on the part of to continuously deliver strong shareholder highly experienced production chemists and
investors as any geopolitical incident or flare returns. The new drilling units will join the process engineers to support accurate data
up of tensions led by Iran in the region can set ADNOC Drilling fleet and start operations in collection and analysis for evidence-based
back economic cooperation plans. the third quarter 2022, enabling considerable interpretation by its experts.
IRAN INTL revenue for ADNOC Drilling to the benefit of To support the life extension and
our investors and the United Arab Emirates.” redevelopment of two of Qatar Energy’s oil
Since listing on the Abu Dhabi Securities fields, which includes the design of a new
SERVICES Exchange in October 2021, ADNOC Drilling platform and processing facilities, Oil Plus will
has expanded its fleet from 96 to 104 owned verify the characteristics of produced water
ADNOC Drilling adds more rigs, at 31 March, 2022. This acquisition from both developments. This will include
cements the Company’s position as the largest
its team carrying out on-site laboratory
rigs national drilling company in the Middle investigation analysis and office-based study
reviews to establish and recommend the most
East by rig fleet size, with further plans for
Bold rig fleet expansion program advancing expansion supported by a significant capital suitable produced water treatment system to
at pace as owned fleet grows further with the expenditure program. be built to meet disposal specifications in the
addition of two premium jack-up rigs The two new drilling units, being acquired region.
ADNOC Drilling Company PJSC from Well Target Five Limited and Well Target For NOC, it will review and asses all
(ADNOC Drilling or the Company”) Six Limited, are Gusto MSC design, premium water injection trains for the Al-Shaheen

P14 www. NEWSBASE .com Week 22 01•June•2022