International business development is next challenge for UAE's ADNOC
The Abu Dhabi National Oil Company (ADNOC) has a range of corporate objectives, including oil production growth, self-sufficiency in natural gas and a net zero emissions target by 2045.
Al-Monitor Pro Members
Gerald Kepes
President, Competitive Energy Strategies, LLC
Aug. 7, 2023
The Abu Dhabi National Oil Company (ADNOC) has a range of corporate objectives, including oil production growth, self-sufficiency in natural gas, providing petroleum and natural gas products, comprehensive decarbonization of the entire production portfolio, and a net zero emissions target by 2045. At the same time, the national oil company (NOC) is the leading institution spearheading Abu Dhabi’s aspirations and it is a critical financier of the entire national program.
Commercially, ADNOC is an asset management company with an enhanced focus on partner management. It is currently engaged in a program of consolidation within the United Arab Emirates (UAE) and its existing international asset holdings, has recently entered Eastern Mediterranean and Central Asian upstream gas arenas and stepped up efforts to acquire petrochemicals and energy-efficient materials businesses outside the Middle East. Corporate acquisitions and organic growth in new markets are usually challenging commercially. International business development is ADNOC’s next challenge.