Adnoc Drilling Reaps Rewards of Long-Term Planning

As Abu Dhabi National Oil Co. (Adnoc) prepares to list Adnoc Gas after raising $2.5 billion in an IPO, it will hope the unit — the fifth to be floated by the state giant since 2017 — can follow the same trajectory as Adnoc Drilling. The services company's market capitalization has grown to $15 billion (56 billion dirhams), from about $10 billion when it listed in October 2021. But it was well before that IPO, in the darkest days of the pandemic, that Adnoc Drilling started plotting to beat its rivals to rigs it knew it would need in 2022. CEO Abdulrahman al-Seiari sat down with Energy Intelligence to discuss the company’s sourcing strategy and plans for future growth.