ADNOC Drilling has invested $252 million to buy ten new-build hybrid land drilling rigs, in its push towards decarbonisation. ADNOC is committed to reducing greenhouse gas intensity by 25 percent by 2030.
The rigs use a high-capacity battery and engine automation in parallel with the rigs’ traditional diesel generators. The hybrid power technology system stores energy in its batteries for use when there is a need for continuous power or to provide instant additional power when there is an increase in demand, reducing the emission intensity of a platform’s greenhouse gas emissions by 10-15 percent, the company said. .
Each of the platforms will have the ability to connect to the power grid with minimal adjustment, depending on the location of the platform and the availability of grid power, further reducing emissions, the statement said.
“This is yet another exciting step for ADNOC Drilling: these new rigs contribute to the capacity needed to meet our customers’ expectations for maximum energy with minimum emissions. As our growth trajectory accelerates and we continue to build the our capacity and capabilities to drive shareholder returns, our commitment to decarbonising our operations remains critical,” said Abdulrahman Abdullah Al Seiari, Chief Executive Officer of ADNOC Drilling.
These new rigs are critical to increasing ADNOC Drilling’s onshore operational capacity and are a direct response to ADNOC’s accelerated production capacity goals, the company said, adding that it is a key enabler of ADNOC Drilling’s capacity goals. ADNOC’s accelerated production of five million barrels of lower carbon intensity crude oil. per day by 2027 and achieve gas self-sufficiency for the United Arab Emirates.
The platforms will gradually enter the fleet from the fourth quarter of this year, with partial revenue and EBITDA contribution from 2024 and full annual contribution from all platforms in 2025. They are the first new land platforms to be acquire as part of updated guidance that will see a peak owned rig count of 142 by the end of 2024, which compares with the IPO’s guidance of 127 rigs by the end of 2030, the statement said.
The ten new-build hybrid platforms will be built by China Petroleum Technology & Development Corporation in China. The units have a 1500 HP desert fast moving design with cluster well working capabilities.
The company will lease four additional ground rigs, bringing a total of 14 new rigs to the fleet.
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