Adnoc to seize opportunities to unlock value for its assets

ABU DHABI / WAM

The Abu Dhabi National Oil Company (Adnoc) is set to seize opportunities to further unlock value from its assets and resources as it builds on the momentum of a successful virtual edition of the Abu Dhabi International Petroleum Exhibition Conference (Adipec).
Provisional figures show that over 80,000 viewers from around the world tuned into Adipec’s strategic and technical sessions, with almost 40,000 viewers streaming the opening ceremony. At the 4-day event, Adnoc made a series of strategic announcements that highlighted its drive to capture greater value across its portfolio and build long-term resilience as it pursues smart growth.
Dr Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Group CEO, said, “During Adipec, we made several important announcements that underscored how Adnoc is reinforcing its resilience and doubling down on value creation to ensure we remain competitive and are well-positioned to help enable the post-Covid recovery by delivering a stable and reliable supply of energy to the world. We have demonstrated significant progress toward our objectives of creating a more profitable upstream business and a more valuable downstream, and enhancing our marketing and trading capabilities. At the same time, we are harnessing technology to reduce costs and maximise performance while strengthening our commitment to responsible production.”
“These announcements at Adipec and subsequent ones we will be making in the coming weeks and months build on the solid foundation we have laid through our transformation. They will ensure Adnoc continues to deliver long-term and sustainable value to the UAE and remains a primary catalyst for the country’s economic growth and diversification.”
Dr Al Jaber set the ball rolling at Adipec with his opening keynote address where he called on the oil and gas industry to unite in driving the post-Covid recovery. He highlighted the resilience of oil demand and stressed the need for the industry to balance caution with optimism, noting that despite the current challenges, there is an opportunity for the industry to examine how it can be more agile and reduce costs.
Adnoc announced it unlocked AED7.36 billion in cost savings over the past five years by
leveraging advanced technologies, digitisation and integrated drilling services (IDS) to enhance drilling operations.