Gulf Oil and Gas accountACCOUNT

ADES with Vantage Secures Short-term Deepwater Drilling Contract

Source: www.gulfoilandgas.com 3/8/2019, Location: Africa

ADES International Holding PLC (ADES), a leading oil & gas drilling and production services provider in the Middle East and North Africa (MENA), is pleased to announce that it has entered, through its subsidiary ADES S.A.E., into a short-term exploration contract with Dana Gas for deepwater drilling services in the Egyptian Mediterranean basin.

The service will be provided using Vantage's Tungsten Explorer, comprising one firm well and the contract is estimated to last 77 days, with an extension option to a further three wells.

The services will be subcontracted to ADVantage, a joint venture ("JV") between ADES and Vantage Drilling International ("Vantage"), which was announced on 15th November 2017. ADVantage utilises ADES' experienced local workforce and pre-qualification in the Mediterranean basin with Vantage's Tungsten Explorer drillship as well as their extensive deepwater drilling experience.

Amid significant gas discoveries and prospective drilling programmes in the region, this contract presents several attractive commercial opportunities which could be realized through an extension over the long-term.

The contract will operate on a profit-sharing basis, enabling ADES to generate additional revenue without incurring the significant capital expenditure normally associated with deepwater drilling.

Dr. Mohamed Farouk, Chief Executive Officer of ADES International Holding, said: "Since the time of our listing, we have consistently highlighted the attraction of the asset light model.

We are extremely pleased to have secured our first contract in the Mediterranean with Dana Gas, where we will build on our track record of consistently delivering a high-quality service to our clients. This contract is fully consistent with our approach, as we continue to see attractive long-term prospects for the JV and our partner Vantage' high quality assets in the ultra-deepwater Egyptian market."

Mr. Ihab Toma. Chief Executive Officer of Vantage Drilling International stated: "We are delighted to put the Tungsten Explorer back to work so soon after it completed certain upgrades as well as finishing its five year campaign for Total in Congo.

This award recognizes the long track record of excellent performance and hard work of the crew of Tungsten Explorer. In particular, we would like to express our appreciation and gratitude to Dana Gas for giving Vantage and ADES its trust. We look forward to working with ADES, through our joint venture, and continuing to provide industry leading service for our clients."

Drilling News in Egypt >>

Azerbaijan >>  1/15/2020 - SOCAR and BP announced that the first exploration well was spudded on the Shafag-Asiman offshore block in the Azerbaijan sector of the Caspian Sea on ...
United States >>  1/15/2020 - 88 Energy Limited (88E) (88 Energy) provides the following update related to the upcoming drilling of the Charlie-1 appraisal well at Project Icewine,...

Romania >>  1/10/2020 - Serinus Energy plc, is pleased to announce that the Moftinu 1004 well has been spudded today in Romania. This well is located approximately 900 metr...
Trinidad and Tobago >>  1/9/2020 - Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to announce an update for its Saffron well, onsho...

Gabon >>  1/8/2020 - VAALCO Energy, Inc. provided an update on its 2019/2020 drilling program offshore Gabon and reported 2019 production volumes. ...
Norway >>  1/8/2020 - The Norwegian Petroleum Directorate has granted Neptune Energy Norge AS a drilling permit for well 6507/8-10 S, cf. Section 15 of the Resource Managem...

Related Categories: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 

Related Articles: Artificial Lift  Cementing, Stimulation  Directional Drilling  Drilling  Drilling Engineering & Equipment Systems  Enhanced Oil Recovery  General  Logging, Perforating, Testing  Offshore Drilling  Reservoir/Completion Consultants  Workover & Well Services  Workover Rigs/Services 


Egypt Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 |

More News

Related Links

Gulf Oil and Gas
Copyright 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.