Arabian Drilling to lease 10 onshore drilling rigs to Aramco for $800mln

Arabian Drilling to lease 10 onshore drilling rigs to Aramco for $800mln

Saudi Arabia’s Arabian Drilling Company (ADC) has signed a five-year contract for 10 onshore drilling rigs with Saudi Aramco.

The contract value is more than 3 billion Saudi riyals ($799.72 million), the Saudi-listed company said in a statement on Monday.

ADC will supply 10 new-build land rigs with full crews to conduct drilling and exploration operations within Saudi Aramco's unconventional programme.

The total number of rigs contracted after signing the new contract will be 45 onshore rigs and 12 offshore units, ADC added.

In May 2023, Reuters had reported that China’s Sinopec and French oil major TotalEnergies were pitching for a slice of the Jafurah shale gas development project, billed as the largest shale gas development outside the US, with reserves estimated at 200 trillion cubic feet of raw gas.

(Writing by D Madhura; Editing by Anoop Menon)

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