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
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand