The UAE is pushing ahead with ambitious upstream development plans, including working towards Adnoc’s goals of reaching 5mn b/d crude production capacity by 2027 and gas self-sufficiency by 2030.
This has put state drilling firm Adnoc Drilling on a strong growth trajectory (MEES, 14 February). Fresh from securing an $806mn contract for three offshore island rigs on 5 May, Adnoc Drilling unveiled another set of record quarterly results for Q1 on 8 May. Revenues and profits for Q1 were by far the strongest start to the year, although both were down slightly from the all-time highs set in Q4. (CONTINUED – 797 WORDS)
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