Adnoc opens up
The company now faces a group-wide transformation
John Carey was hired by the UAE's state oil firm Adnoc last September to spearhead the initial public offering (IPO) of its retail unit and help revise its business model. Today, he sees the company on the cusp of huge changes in how it operates and manages its portfolio. "I came into the company as much to lead a transformation as I came in for the listing," Carey, deputy chief executive of Adnoc Distribution, told Petroleum Economist in an interview. "The reason for the IPO in the first place was that Adnoc decided they needed to be much more active with the management of their portfolio and therefore they saw the need for transformation across the organisation." The deal, which raised $85
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
19 November 2024
Energy minister says country is delaying first oil production until pipeline and refinery are ready