ADNOC Drilling winds $1.7-billion drilling contract

ADNOC Drilling wins $1.7-billion drilling contract

ABU DHABI, May 13, 2024 – ADNOC Drilling announced on Monday it has secured a “transformational” USD 1.7-billion contract to drill 144 wells in the UAE from parent company ADNOC.

The contract will cover drilling and associated services for the recovery of unconventional energy resources.

To deliver the services, ADNOC Drilling has set up a new company, Turnwell Industries, which will focus on unconventional drilling operations.

Abu Dhabi’s unconventional oil reserves have been pegged at around 220 billion barrels, with unconventional gas estimated at 13 tcm (460 tcf).

The contract was termed “transformational” by ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari.

“Abu Dhabi’s unconventional energy resources are among the world’s largest,” he said.

“This award, for 144 wells is just the beginning. It represents a transformational opportunity for ADNOC Drilling as the UAE’s world class unconventional energy resources will require many thousands more wells and we are in a prime position to deliver them.”

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