Are you an EPFL student looking for a semester project?
Work with us on data science and visualisation projects, and deploy your project as an app on top of GraphSearch.
Concept
Abu Dhabi National Oil Company
Summary
The Abu Dhabi National Oil Company (شركة بترول أبو ظبي الوطنية) or ADNOC is the state-owned oil company of the United Arab Emirates (UAE).
It is the world's 12th largest oil company by production. As of 2021, the company has an oil production capacity exceeding 4 million bpd with plans to increase to 5 million bpd by 2030. It is the United Arab Emirate's largest oil company.
ADNOC's output was roughly flat at about 2.5 million barrels per day during the 1990s. It stood at 2.9 mbpd in 2008. Although its financial indicators are difficult to assess as the company has been described as secretive, it has also been described as efficient and well managed.
ADNOC is one of few oil companies in the world to make a substantial investment to increase oil production amid growing pressure to reduce output due to climate change.
In November 2019, ADNOC received approval from the emirate’s Supreme Petroleum Council to list its flagship Murban crude oil as a futures contract on an international stock exchange. Murban is a highly prized grade of crude oil that accounts for about half of the UAE’s total oil output of about 3 million barrels per day.
A joint venture between ADNOC and holding company ADQ was launched in July 2020 to invest in chemicals projects in the planned Ruwais Derivatives Park. ADNOC will have a 60% stake while ADQ will hold a 40% share.
In December 2021, ADNOC and Abu Dhabi National Energy Company PJSC (TAQA) announced a $3.6 billion project to aim to reduce the carbon footprint of ADNOC's offshore production operations by more than 30%.
In December 2022, it was announced ADNOC had acquired a 24.9% stake in Austrian integrated oil, gas, and petrochemical company, OMV.
As of November 2019, the UAE holds the sixth-largest proven reserves of oil in the world at 105 billion barrels. Most of these reserves are located in Abu Dhabi.
ADNOC is one of the world's largest energy companies measured by both reserves and production. ADNOC has 16 subsidiary companies in upstream, midstream, and downstream stages of production.
Official source
About this result
This page is automatically generated and may contain information that is not correct, complete, up-to-date, or relevant to your search query. The same applies to every other page on this website. Please make sure to verify the information with EPFL's official sources.