ADNOC signs $33m rig deal

Plans to double fleet size.
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 A new US$33m rig is part of the Abu Dhabi National Oil Company’s plans to double its fleet size.

ADNOC has signed a new deal with US company National Oilwell Varco for the construction of a new rig, to be built in the UAE, which will help ADNOC’s main onshore operator increase output to 1.8m barrels per day in 2017. It is currently operating at 1.5m bpd.

Adnoc says it is planning to expand the number of oil producing rigs, onshore and offshore, from 40 to 88 to cope with the increased demand for oil, and to meet Abu Dhabi’s target of increasing production to 3.5m barrels per day by 2020.

The agreement was signed in Abu Dhabi by National Oilwell Varco and National Drilling Company (NDC), ADNOC’s rig subsidiary.

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