Adnoc toasts its resilience
Reforms in response to the last industry downturn have equipped Abu Dhabi’s oil heavyweight to cope with the current crisis
State-owned Adnoc has, according to chief executive Sultan al-Jaber, left behind its conservative past in a "transformation" over his four-year tenure that has positioned it to "better respond to changing market dynamics". His claims, made as he hosted Abu Dhabi’s Crown Prince Mohammed bin Zayed al-Nahyan at the firm’s flagship Ruwais refinery in mid-June, are not ill-founded. The company is nimbler and better able to cope than it was during the 2014-16 price crash. But it has still had to adopt some of the tactics it employed during the previous downturn— paring contractor costs, deferring some larger capital projects and looking to novel means to financially leverage its asset base. Smart
Also in this section
16 May 2024
Flat oil growth in 2024 highlights mounting industry problems
15 May 2024
Five years ago, Uzbekistan turned to a private company called Saneg to reverse the fortunes of its oil industry. Results so far are encouraging, and according to CEO Tulkin Yusupov, further progress is on the way
13 May 2024
But optimism about island nation checked by competition around African upstream investment and history of false dawns
9 May 2024
Pipeline boosts Canada’s oil industry by widening its export options, making it less reliant on US market and bringing Asia into the mix