The Abu Dhabi National Oil Company is exploring new strategic, value-add partnerships to support its long-term growth plans, as it responds to increasing global energy demand and growing market competition
Addressing CERAWeek, one of the world’s leading energy conferences, UAE Minister of State and ADNOC Group CEO H.E. Dr Sultan Ahmed Al Jaber said the company is pursuing creative partnerships, as it balances the need for operational efficiency and cost optimization with a smart growth strategy that maximizes value across all its businesses.
“We are keen to collaborate with active, value-add, strategic partners who can complement our existing experience with technology, market access and .capital”
“We seek those who are willing to invest, commit to long-term partnerships and share the risks and benefits, not just across our upstream business, but across the entire value chain, including our marine and services portfolio,” H.E. Dr Al Jaber said.
Al Jaber pointed to the recent onshore concession agreements, with BP, China National Petroleum Company and CEFC, a Chinese energy investment firm, as examples of how ADNOC is thinking creatively and exploring every possible avenue to establish partnership models that are mutually beneficial and introduce a new dynamic to industry partnerships.
Over the course of the last year, ADNOC has consolidated its offshore operating companies, ADMA-OPCO and ZADCO, and integrated its marine and services businesses, Esnaad, Irshad and ADNATCO.
“We have leveraged significant synergies, streamlined and standardized functions, and drove major operational and cost efficiencies across the ADNOC Group. These efforts have enabled us to achieve substantial reductions in our operating cost per barrel,” he highlighted.
He elaborated on the company’s strategic imperatives focused on delivering a more profitable upstream, a more valuable downstream, ensuring sustainable and economic gas supply, and developing world-class talent.
H.E. Dr Al Jaber explained that at the heart of ADNOC’s evolution into a more commercially focused, performance-led organization are four key pillars: People, Performance, Profitability and Efficiency, underpinned by an unwavering commitment to HSE and asset integrity.
He stressed that people are “the bedrock of ADNOC’s success”, adding: “We are investing in developing the capabilities of our people, giving them the tools to succeed. The oil company of the future will need a broader range of skills than today, and we are doing so by taking advantage of the entire talent pool, both women, and men alike.