By HKM Business / May 1, 2023
Abu Dhabi National Oil Company (ADNOC) is the state-owned oil company of the United Arab Emirates (UAE). The company is one of the world’s leading oil companies and is ranked 12th in terms of production where 3.1 million barrels are produced in a given day. The company operates in all the fields involving the oil and gas industry and over time, the company has established subsidiaries which have created an integrated industry in the fields of production, exploration, chemicals and petrochemicals, support services, oil refining, marine transportation, and distribution. ADNOC has 16 subsidiary companies in the three stages of production which include the upstream, midstream and downstream stages. The company has two oil refineries, Umm Al Nar and Ruwais (SWFI, 2018).
The company’s headquarters are located in Abu Dhabi where based on the building that houses this company, it is clear that one goal that the company has apart from making profit is promoting energy efficiency and technologies that are sustainable. The company is headed by Sultan Ahmed Al Jaber who is the minister of state in UAE. ADNOC operates under the supreme petroleum council which is chaired by the ruler of Abu Dhabi who is also in charge of the formulation of various policies that involve the various operations that are carried out by the company (IELTS, 2016).
The company operates on gas fields that are both onshore and offshore. The onshore operations are carried out by ADNOC Onshore which also works in coastal waters that are shallow. However, these operations are carried out mostly in Abu Dhabi. Operations in the Offshore are carried out by ADNOC Offshore which is the largest in Abu Dhabi. The company develops oil and petroleum fields in the Abu Dhabi Waters. Drilling both in the offshore and the onshore is done by ADNOC Drilling which is the oldest subsidiary. Other subsidiaries are involved in refinement, gas processing and production of other by-products such as fertilizers. Most of the product that is exported comprises of liquefied natural gas (ADNOC, 2018). Currently, a master plan is being implemented to coordinate the activities that are involved in the upstream and the downstream stages of production in the various subsidiaries that the company has. The plan is also aimed at creating new products in the downstream stages which will promote probability.
In the recent period, the activities involving exploration and production have been mostly geared towards the assessment of reserves that have not yet been discovered and the optimization of the restoration of recovery through proper management of the reserves (Petroleum.co.uk, 2015). Since 2009, the company has abided by a sustainability performance initiative which creates a balance between the exploration of the earth’s resources and the needs that the people have. The company has entered into alliances with the Western oil companies and this has enabled it to gain access to more skills and technology that has greatly contributed to the success of the company (Business Council, 2017). The company has also prioritized education by establishing a number of institutions that train professionals who work under the energy sector. Therefore, based on this report, there is no doubt that ADNOC is one of the leading oil companies in the world.