Adnoc halts land rig talks

摘要

ABU Dhabi National Oil Company (Adnoc) has stalled plans to build dozens of land rigs in China as low oil prices hamper the state giant's fleet expansion effort. Well-placed industry sources told Upstream that Adnoc, via its drilling arm Adnoc Drilling, has halted discussions with Chinese land rig specialists Honghua Group and Baoji Oilfield Machinery for the provision of 51 land rigs for operation in the United Arab Emirates. Earlier this year, Adnoc launched talks with Honghua and Baoji for the construction, respectively, of 11 land rigs of 3000 horse power and 40 land rigs of 2000 hp. "The talks have stopped because Adnoc faces a financial squeeze," said one source.