Adnoc’s acceleration of its already-ambitious upstream expansion plans has forced its part-private drilling subsidiary Adnoc Drilling to step up its own expansion plans. “We are excited about the year ahead as we accelerate our business growth and build out our assets to enable Adnoc to realize its 2027 capacity targets, and we have released updated guidance accordingly,” says CEO Abdulrahman al-Seiari.

An IPO of Adnoc Drilling was carried out in October 2021, resulting in an 11% listing on Abu Dhabi’s ADX exchange, with Adnoc retaining 84% and US services firm Baker Hughes the remaining 5% (MEES, 12 November 2021). The firm’s share price has since increased substantially, with Adnoc Drilling’s current market capitalization of $14.98bn up 50% from its initial $10bn valuation. (CONTINUED - 756 WORDS)