ADES International Holding Ltd. has been awarded a contract by Belayim Petroleum Co., a joint venture between ENI IEOC and Egyptian General Petroleum Corporation, for a three-month drilling campaign offshore Egypt.
The drilling campaign will be led by ADES’ offshore jackup drilling rig, Admarine 88.The contract has the scope to be extended on a well-by-well basis thereafter, ADES said in a 3 July press statement. ENI IEOC is the Egyptian subsidiary of Italian oil major Eni.
Petrobel has also renewed an existing contract for ADES’ Admarine V offshore jackup for a six-month period on a call out basis, following its recent expiry, with an option to extend the contract for a further six months. Both contracts were chartered for work on Petrobel-Eni concessions in Egypt’s Gulf of Suez.
ADES has also entered a farm-in agreement for its Admarine VIII jackup with Fanar Petroleum Company, under the umbrella of its existing contract with the South Abu Zenima Petroleum Company (Petrozenima). The farm-in agreement’s planned scope of work will see the rig perform a FRAC job on the concession’s North July well to improve its productivity.
Work is expected to begin before the end of this month. Commenting on the contract awards, Dr. Mohamed Farouk, chief executive officer of ADES International Holding, said: “Our ability to secure new awards and extend existing ones even during a period of oil price decline is a testament to the strength of our business model and the quality of our drilling and workover services at highly competitive rates.
“We are excited to renew our partnership with one of North Africa’s leading joint ventures with whom we have a 10-year track record of success. Eni and other major international oil companies operating in our present-day geographies of Saudi Arabia, Algeria and Egypt appreciate the exceptional value for money we offer by deploying fit-for-purpose refurbished legacy rigs and world-class crews to assets in shallow, non-harsh environments,” Farouk added.