ADNOC Pursues Smart Growth and Drives Responsible Production

The Abu Dhabi National Oil Company (ADNOC) is creating new opportunities for partnerships and investments as it pursues a balanced smart growth strategy and drives responsible production to reliably meet the world’s growing energy demand, according to His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO.

Speaking in London at the 40th Oil and Money Conference hosted by Energy Intelligence, H.E. Dr. Al Jaber began his remarks by addressing the impact of global economic trends on energy demand and outlined ADNOC’s response to the fast-evolving energy landscape.

“As we convene today, short term energy demand has continued to soften in response to current downside risks in the global economy. However, over the medium and long-term, the outlook remains positive, solid, and robust. By 2040, three times the amount of energy consumed by all of Europe will be added to global energy demand. In the face of current economic headwinds, we need to control costs, while staying focused on capital efficiency and targeted long-term investment.

“At ADNOC, that is exactly our approach. We are pursuing a balanced smart growth strategy that is cautious on costs while remaining bullish on long-term demand. We are greatly expanding our oil production capacity and unlocking vast reserves of natural gas. By tapping into gas caps, undeveloped reservoirs, and unconventional resources, we are on track to achieve gas self-sufficiency and in time, become a net gas exporter.

“In addition, we are making sizeable investments downstream to create within the UAE, one of the largest refining and petrochemical complexes in the world. This will provide the foundation for a fully integrated derivatives and manufacturing hub located at the gateway to the most promising growth markets.” H.E. Dr. Al Jaber said.

H.E. Dr. Al Jaber went on to outline how ADNOC is leveraging its strong AA+ standalone credit ratings to optimize its balance sheet and attract long-term investors. ADNOC, he said, is leaving no stone unturned to unlock and maximize value from its operations.

ADNOC is making smarter use of its capital and more proactively managing its portfolio of assets, he added. As a result, ADNOC has struck a series of strategic equity partnerships across its value chain in the last twelve months.

These transactions include a $5 billion pipeline infrastructure investment with BlackRock, KKR, the Abu Dhabi Retirement Pensions and Benefits Fund (ADRPBF); a joint venture with OCI that created the world’s largest exporter of nitrogen fertilizer; the acquisition of a 10 percent stake in VTTI, the global storage terminal owner and operator; and a strategic equity partnership with Eni and OMV that established the foundation for a world-class refining and trading platform.

H.E. Dr. Al Jaber noted that ADNOC is open to new partnerships that make economic sense. “We will develop additional opportunities for investors and partners focused on value and who share our values,” H.E. Dr. Al Jaber said.

Source / More : ADNOC


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