ABU DHABI: Major reforms are under way at the Abu Dhabi National Oil Company (ADNOC), as the state-owned oil firm moves to strengthen performance and profitability and create greater efficiencies, against a backdrop of low oil prices. ADNOC, which is one of the world’s largest state-owned oil companies, is committed to achieving its target, depending on market conditions, of raising output to 3.5m barrels per day (bpd).
However, with Awarding the remaining stakes is key to the UAE’s plans to boost its oil output capacity to 3.5 million barrels per day by 2017 from about 3 million bpd today.international oil prices around $50 per barrel in June – at one point dropping over 70% from a high of around $115 in June 2014 –ADNOC, like some other major producers, has moved to implement far-reaching reforms aimed at ensuring it retains a competitive edge.
