ADNOC to continue UAE investments for value, growth

Abu Dhabi National Oil Company (ADNOC) will continue to invest responsibly to deliver on its 2030 smart growth strategy during this complex and challenging period, the company said.

In order to deliver economic value and growth for the UAE, ADNOC will remain focused on its core pillars of efficiency, profitability, performance and people, reinforce its In-Country Value (ICV) program, ADNOC said in a statement. This will also generate more commercial opportunities for the private sector, and create skilled jobs for UAE nationals.

His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO said:

“As we navigate this challenging period, nothing is more important than the health and safety of our people, as well as the integrity of our assets. Today, as the result of our transformation over the past four years, ADNOC is far stronger, more resilient and better positioned to respond to current market dynamics, including reduced demand and low oil prices. Our strong balance sheet and our globally competitive cost per barrel, which we are constantly optimising, ensures we can continue to enable sustainable development for the national economy.

“Building on this solid foundation, we will continue to invest responsibly and smartly through the downturn with a firm focus on people, performance, profitability, and efficiency, which have always been part of our DNA. In parallel, we will double down on in-country value creation, as well as identify win-win solutions with partners, contractors and suppliers.

ADNOC’s ICV program is integral to its commitment to driving progress and development in the UAE. To date, the program has driven more than AED 44 billion ($12 billion) back into the UAE economy and created over 1,500 private-sector jobs for UAE nationals since it was launched in 2018.

ADNOC will continue to deliver on its 2030 smart growth strategy, including its value maximisation initiatives, as it drives profitability and sustainable returns for the UAE. ADNOC’s strategic objective is to be among the lowest-cost producers and lowest-carbon emitters as part of its 2030 strategy.

ADNOC said it remains committed to its targets in production capacity growth in order to ensure a stable and reliable supply of energy products to its global customers.