Abu Dhabi National Oil Company (Adnoc) CEO Sultan al-Jaber told the annual Oil & Money Conference in London on 17 October that strategic, fast-acting partnerships are key and that Abu Dhabi is seeking fast-acting partners who can deliver access to high-growth economies, technology and finance.
Al-Jaber was speaking following the announcement earlier this week that all Adnoc subsidiaries will be covered by a single Adnoc brand.
“We are considering IPOs [initial public offerings] of minority stakes in subsidiaries,” Al-Jaber said. “Adnoc will remain wholly-owned by the Abu Dhabi government.”
He added that Adnoc plans to “optimise” its balance sheet to free up capital and improve returns.
Al-Jaber reaffirmed that Abu Dhabi aims to increase oil production capacity to 3.5 million barrels a day (b/d). He said Adnoc is looking for partners for its offshore oil and gas reserves, and plans to tap unexploited gas assets and expand sour gas output.
The CEO said Adnoc is “actively” seeking strategic downstream partners and aims to triple its output of petrochemicals.