Abu Dhabi News Agency reported that Sultan Al Jaber, Minister of Industry and Advanced Technology and CEO of ADNOC and its group of companies, affirmed that ADNOC will continue to focus on improving performance, increasing profitability and economic return, reducing costs, enhancing flexibility and expanding quality partnerships to achieve smart and sustainable growth.
Al-Jaber said: “Through ADNOC’s commitment to the wise leadership approach and direction, and the company’s established corporate culture in the field of health, safety and environment, we were able to deal effectively with the Covid-19 pandemic”.
He added that the paradigm shift made by ADNOC over the past four years was a decisive factor in confronting the effects of the pandemic, ensuring business continuity and achieving our strategic goals during the past period, as we continued to enhance flexibility and raise efficiency in various aspects of operations with a focus on factors that we can control such as cost reduction”.
He continued, “We are continuing to work on developing our resources through exploration, development and production, expanding our refining and petrochemical business in the UAE, as well as working to enhance value through ADNOC’s smart quality partnerships program. We are working at the same time to enhance our capabilities in the field of marketing and trading of derivatives.”
Al-Jaber explained that UAE has created a safe, reliable and stable business environment, and a unique model for partnerships, cooperation, synergies and integration of efforts, pointing out that this system is an attractive factor for the investment community. Global, which considers the UAE a preferred investment destination. “These agreements and deals confirm the high quality of the energy and infrastructure assets that Abu Dhabi owns through ADNOC, and the great potential and high returns with low risks that these assets can achieve,” Al Jaber said.
He explained that no one can give an accurate forecast of what the economic recovery will look like during the next few months, but he praised the role of the Organization of the Petroleum Exporting Countries (OPEC) in the balance of oil markets since prices reached their lowest level last March, stressing the UAE’s commitment to production quotas within the OPEC + agreement.
HE also stressed that oil and gas will remain the main area of ADNOC’s business model in 2030, as even in light of the fastest scenarios for the transition towards new sources of energy. Oil and gas will remain the source of more than half of the energy the world needs.
He added that ADNOC will continue to play a primary role in ensuring an integrated mix of energy sources, and that the company is exploring expansion towards clean energy and emerging technology.
He continued: “Our future success will depend on the production of oil that is less expensive and less intensive in levels of carbon emissions in the world,” explaining that the combination of low costs and carbon emissions will contribute to give ADNOC an important competitive advantage, especially since investment in exploration activities is under pressure in other areas in the world.
He also indicated that ADNOC will continue working to increase its production capacity of crude oil to 5 million barrels per day by 2030, and continue efforts to achieve self-sufficiency in gas in the UAE. “It is logical that the demand is directed towards the producers that are less expensive and less intensive in levels of carbon emissions. Our oil production is among the least intense in the levels of carbon emissions in the world, and we are also working to explore and develop large reserves of natural gas, to be used as a transitional fuel with low environmental impact” he said.