Ades, a Saudi drilling company, has sealed a $66 million investment pact with its subsidiaries in Egypt, aiming to ramp up oil production from the North African nation’s fields. According to a statement disclosed to Tadawul, the Saudi stock market index, Ades Holding Co. unveiled the ten-year agreement, extendable for another decade, featuring a commitment to infuse $30 million into Egyptian Suez Oil Co. (Suco) and $36 million into Egyptian Offshore Shukeir Oil Co. (Osoco) within the initial three years to drive production growth.
The signing ceremony of the two agreements was presided over by Tarek el Molla, Egyptian Minister of Petroleum. The directors and presidents of a consortium made up of Ades Holding Co., Egypt’s Gharib Integrated Oil Services Co., Suco, and Osoco also participated in the ceremony. The agreement is expected to begin operations within the next 90 days. Saudi Ades is expanding its operational presence in several countries. In November 2023, the company secured three new contracts totaling $293 million, marking its entry into Indonesia and strengthening its presence in Algeria.
Having previously declared its expansion into Southeast Asia, the company secured a $214 million long-term contract with Pertamina Drilling Services Indonesia, slated to commence in the latter half of this year. Headquartered in Al Khobar, Ades operates with over 7,500 employees and 87 rigs across seven countries in the Middle East, North Africa, and India.
