Adnoc Drilling announced in its Q2 results this week that it has drilled 58 wells in its 144-well unconventional program and fractured over 20 wells. The program is aimed at de-risking unconventional acreage across Abu Dhabi, where Adnoc estimates it has 220bn barrels of unconventional oil and 460tcf of unconventional gas in place. The unconventional program is being carried out by its recently established Turnwell JV with SLB and Patterson-UTI and is expected to be completed by the end of next year.
Adnoc Drilling started this year at breakneck speed with $341mn in profits and signed over $5bn in contracts by early May (MEES, 9 May). It signed another $1.15bn, 15-year contract with Adnoc Offshore on 27 May for two jackup rigs helping boost 1H profits to $690mn. (CONTINUED - 186 WORDS)