Adnoc Drilling Joint Ventures with SLB to Extend its Operations

Key Highlights:

• Adnoc Drilling signs joint venture with SLB Oilfield Service Company
• Adnoc will be acquiring a 70 percent stake in the joint venture
• Through the joint venture, Adnoc will be extending its operations in key Gulf areas

Abu Dhabi's Adnoc Drilling has signed a joint venture agreement with French oilfield Service Company Schlumberger (SLB). While Adnoc is considered the Middle East’s largest drilling company, SLB has been providing services globally. This agreement has been officiated considering the advantage for both the companies.

Under this agreement, SLB will be expanding its operations in Kuwait and Oman, while Adnoc will be extending its operations beyond the UAE. According to the details revealed till now, the Drilling giant will be acquiring a 70 percent stake in the joint venture. The signed partnership agreement highlights the inclusion of eight fully operational land rings. This will be divided into six in Oman and two in Kuwait.

Chief Executive of Adnoc Drilling, Abdulrahman AlSeiari said, “Our partnership with SLB will give us the opportunity to expand beyond the borders of Abu Dhabi. It is a very strategic move for us to establish ourselves as a leading regional provider of integrated services with scalable and resilient operations. This partnership will provide a solid operational and financial platform to further expand in the region.”

President of Middle East and North Africa at SLB, Jesus Lamas said, “Broader strategic partnerships with key regional leaders across the energy value chain.”

The completion of the transaction and acquisition is said to be completed by the first quarter of 2026. Adnoc is looking forward to more potential joint ventures. Through this new partnership, Adnoc’s will be able to operate more land drilling rings in key gulf areas. At present the company owns 142 rigs. The company is expecting this to grow to at least 148 rigs by the end of 2026.