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
28 March 2024
The country’s largest gas field is a bright spot for the North Sea, boasting cleaner operations amid a changing mood in Europe over hydrocarbons
28 March 2024
Whether OPEC+ starts to unwind its oil production cuts from June will depend on heavily debated unfolding supply-demand balances
28 March 2024
As a gas supply shortfall looms, balancing regulatory flexibility with energy security and investor confidence will be critical
27 March 2024
Oil producers have to untangle the increasingly complicated relationship with their natural resources