Adnoc is accelerating development of its unconventional oil and gas reserves as it targets gas output of 1bn cfd by 2030. Adnoc Drilling (Adnoc 84%, Baker Hughes 5%, 11% free float) has been awarded a $1.7bn contract “to unlock UAE’s world-class unconventional energy resources,” which it expects will kickstart a lucrative series of similar contracts in Abu Dhabi.

The new contract, announced on 13 May, is for 144 wells. Labelling the award “just the beginning,” CEO Abdulrahman Abdulla al-Seiari says 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.” (CONTINUED - 857 WORDS)