ADNOC Drilling has posted a net profit of $604 million for 2021, up 6% on the $569 million made one year earlier. The company, which is a subsidiary of Abu Dhabi National Oil Company (Adnoc) attributed the stronger earnings to improving performance in onshore operations and higher income from its oilfield services business. Adnoc Drilling's 12-month revenue of $2.27 billion was 8.2% higher than the previous year. Adnoc plans to boost oil production capacity to 5 million barrels per day by 2030, up from the existing 4 million bpd capacity, with demand for hundreds of wells anticipated.
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