In a milestone for Nigeria’s oil and gas industry, Nkuku Ikon Petroleum Development has landed a significant offshore drilling contract with Saudi Arabian firm ADES. This marks the second major deal for ADES in Nigeria in recent months.
The contract involves the deployment of ADES’ Admarine 501 rig, built in 2013, to Nigerian waters. The project includes drilling two wells, with the option to extend to two additional wells. This deployment completes the redeployment of ADES’ previously suspended rigs from Saudi Arabia.
The drilling campaign is set to begin in the second quarter of 2025 and could last up to 180 days if all options are exercised. Operations will be jointly managed by ADES and Valiant Offshore Contractors, a Nigerian partner. ADES will provide the rig, senior crew, and management systems, while Valiant will handle other operational tasks. The contract is valued at an estimated $12 million.
This partnership underscores Nigeria’s growing importance in the global energy market and highlights the potential for attracting international investment and expertise. It demonstrates the power of collaboration between local and international companies, driving growth and development within Nigeria’s oil and gas sector.