The Abu Dhabi National Oil Company (ADNOC) is planning to launch a detailed downstream strategy to expand Ruwais Industrial Complex and introduce new partnership opportunities, to boost oil and gas sector in Abu Dhabi and across the UAE
ADNOC is set to launch its new strategy during the ADNOC Downstream Investment Forum, to be held in Abu Dhabi from 13 – 14 May 2018.
The primary goal is to attract foreign direct investment from the international oil majors to invest in Abu Dhabi’s oil and gas exploration and production activities, thus adding significant value to the country’s economic and diversification plans.
According to Abu Dhabi’s state-run oil company, the new investments in the downstream sector are expected to accelerate the delivery of Abu Dhabi’s 2030 strategy and create a more flexible, resilient and diverse energy business across the region.
Commenting on the Downstream Investment Forum, Dr Sultan Ahmed Al Jaber, the UAE minister of state and CEO of ADNOC Group, said, “We operate in an energy landscape that is evolving rapidly, and we must adapt and transform ADNOC to become a more globally integrated energy company, built for agility, high performance and resilience – a modern energy company for a new energy era.”
He further added that ADNOC focuses on maximising operational efficiencies and strengthening its overall performance. For this, ADNOC has started awarding stakes in a number of oilfields in Abu Dhabi to global oil majors. According to ADNOC, this diversification strategy is expected to strengthen the company’s partnership with oil and gas companies across the world and significantly expand Its downstream business while unlocking more assets across the UAE.
Recently, ADNOC has awarded France's Total a stake in in the Umm Shaif and Nasr concession to boost gas production. The China National Petroleum Corporation (CNPC) has been awarded stakes in two of Abu Dhabi’s offshore concession areas. In addition to this, ADNOC has launched bidding round of six new oil and gas blocks, both onshore and offshore, to develop full oil and gas exploration activities in Abu Dhabi as well as in the Middle East.
