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The Abu Dhabi National Oil Company (ADNOC) and Baker Hughes, a GE Company, Signed a Strategic Partnership Agreement That Will Enable and Support the Growth and Development of ADNOC Drilling, a Subsidiary of ADNOC, into a Fully Integrated Drilling and Well Construction Provider.
BHGE said on Monday that, as part of the agreement, BHGE will acquire a five percent stake in ADNOC Drilling. The transaction values ADNOC Drilling at approximately US$ 11 billion. BHGE will be the sole supplier of certain proprietary, differentiated, cutting-edge equipment and technologies related to the integrated drilling offering, supporting ADNOC Drilling’s growth.
“Together, ADNOC and BHGE will provide more competitive completion timelines, greater drilling efficiencies, and better economics, while capitalizing on new business opportunities as ADNOC Drilling grows with its newly expanded offering,” BHGE said.
The partnership represents the first time ADNOC has brought in an international strategic partner to acquire a direct equity stake in one of its existing service companies. ADNOC Drilling is the largest drilling company in the Middle East and the sole provider of drilling rigs and associated services to ADNOC Group companies.
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BHGE has been operating in the country for over 40 years. Continued access to and support from BHGE’s portfolio of technology and equipment will help accelerate ADNOC Drilling’s continued growth and development into a broader offering of products, including drilling and completion services. This partnership structure aligns the interests of both ADNOC and BHGE in enhancing productivity and efficiency, increasing returns.
BHGE Will Join the ADNOC Drilling Board
The partnership is expected to generate predictable long-term revenue streams and market growth for both companies through an attractive and mutually beneficial business framework, predefined work plans, and future dividends. ADNOC Drilling and BHGE will establish an advisory board with representation from both companies to oversee implementation and ongoing operations, and BHGE will join the Board of Directors of ADNOC Drilling.
The partnership will enable ADNOC to capture more value from each barrel of oil it produces as it plans to increase its conventional drilling activity by 40% by 2025 and substantially increase the number of its unconventional wells, in line with its smart growth strategy for 2030. ADNOC Drilling will continue to be the sole equipment supplier for ADNOC Group companies and will capitalize on ADNOC’s growing upstream activity by implementing its new integrated offering to capture up to 30% of the drilling and completion market in the next three years, demonstrating increased drilling efficiency and better customer service levels.
The two partners will be able to leverage the existing drilling rig fleet capacity of ADNOC Drilling with limited capital expenditure. The partnership will gain significant new business opportunities, including the potential to offer integrated drilling services beyond the borders of the UAE.
Dr. Sultan Ahmed Al Jaber, UAE Minister of State and CEO of ADNOC Group, said: “We chose BHGE after a rigorous and competitive process as a partner with whom we have a long-standing working relationship and who shares ADNOC’s long-term vision and values. This exclusive partnership with BHGE comes at a crucial time in Abu Dhabi’s drilling needs as ADNOC develops its conventional and unconventional hydrocarbon resources, while we also see the additional future potential for regional growth. It will ensure that we can better meet our initial growth while capturing and retaining greater value.
“The partnership constitutes an important building block of ADNOC’s 2030 smart growth strategy as we continue to drive operational efficiency and performance, and achieve even greater value for every barrel we produce. The combined capabilities and expertise of this partnership will create greater drilling efficiencies and faster well completion times, generate attractive returns, and enable the transfer of know-how and access to technology. Importantly, it will also drive job creation and economic growth while maintaining a healthy level of competition in the dynamic UAE oilfield services market.”
Another Step in ADNOC’s Transformation
This partnership is another step in the transformation of ADNOC across the group, supported by a new and expanded approach to strategic partnerships and co-investments, as well as more proactive management of ADNOC’s business portfolio and capital allocation.
BHGE’s President and CEO, Lorenzo Simonelli, said: “This partnership brings together BHGE and ADNOC, supported by a close and long-standing working relationship. We are very pleased to have a minority stake in ADNOC Drilling to jointly develop and further enhance the company’s technical capabilities, market access, and value. Uniquely, it allows us to generate predictable revenue streams and long-term growth for both companies and enables us to invest in a stable, reliable, and secure market environment. Supported by BHGE’s leading technology and services portfolio, ADNOC Drilling will enable ADNOC to unlock significant value from its undeveloped resources while developing local capabilities and accelerating overall market growth.”
He added: “The transaction significantly increases our activity in the region and demonstrates our unique ability to create value for our customers and shareholders through innovative commercial agreements, partnerships, and cutting-edge technology solutions.”
The UAE is located in one of the world’s largest super basins of hydrocarbons, with significant potential to explore its undeveloped reservoirs and further develop its existing resources. Realizing this potential, along with the continued growth and development of ADNOC Drilling, will provide more opportunities for local service providers to compete and support ADNOC’s expanding integrated drilling and auxiliary service requirements.
Currently, BHGE employs over 1,000 people in the UAE and supports customers with products and services that span the entire oil and gas value chain.
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