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    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Egypt’s food industries contribute 24.5% of GDP

    Egypt’s food industries contribute 24.5% of GDP

    $36mln contract for construction of Duqm fisheries complex

    $36mln contract for construction of Duqm fisheries complex

    Ministry signs agreement to support Oman’s honey industry

    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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    Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

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      Profits at top Saudi banks jump 17.6% in Q1

      Profits at top Saudi banks jump 17.6% in Q1

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      New study reveals that UAE is most competitive economy in the Arab world

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      Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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      Oman Construction Equipment Industry to 2028

      Oman Construction Equipment Industry to 2028

      $36mln contract for construction of Duqm fisheries complex

      $36mln contract for construction of Duqm fisheries complex

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

      Madayn working on major Oman industrial city projects

      Madayn working on major Oman industrial city projects

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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        Suez Canal expects US$3.5 billion in revenues in H1

        Suez Canal expects US$3.5 billion in revenues in H1

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        UAE and Egypt’s consortium to buy African renewables firm Lekela Power

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Fitch revises Saudi Aramco’s outlook to positive from stable

        Investments in renewables in Egypt reach LE6 bn: Official

        Investments in renewables in Egypt reach LE6 bn: Official

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

        JGC lands $3.7bn Iraq refinery upgradation project deal

        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          Coronavirus: UAE conducting human trials for Covid-19 vaccine

          COVID-19 vaccine could be available by autumn: Oxford University

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Qatar’s hospitality sector peaks despite turbulent 2020

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          Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

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          Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Egypt’s agriculture minister stresses importance of boosting intra-regional trade cooperation among African states

          Trending Tags

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            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

            Egypt’s Trade minister, Hungarian ambassador discuss economic relations

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            • CES 2017
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

            Trending Tags

            • Energy
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

              Trending Tags

              • Healthcare
                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality
                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

                Quarantine rule to give a boost to Qatar’s hospitality industry in Q3: CWQ report

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              Abu Dhabi National Oil Company moves to maintain competitive edge

              OBG

              July 31, 2016
              in Oil & Gas
              0

              Major reforms are under way at the Abu Dhabi National Oil Company (ADNOC), as the state-owned oil firm moves to strengthen performance and profitability and create greater efficiencies, against a backdrop of low oil prices.

              ADNOC, which is one of the world’s largest state-owned oil companies, is committed to achieving its target, depending on market conditions, of raising output to 3.5m barrels per day (bpd).

              However, with international oil prices around $50 per barrel in June – at one point dropping over 70% from a high of around $115 in June 2014 – ADNOC, like some other major producers, has moved to implement far-reaching reforms aimed at ensuring it retains a competitive edge.

              Driving efficiencies
              ADNOC’s focus on being commercially-driven is being overseen by Sultan Ahmed Al Jaber, who joined the company in February. Full implementation of the reforms is expected to run into the next few years, but changes are already underway.

              For example, changes in senior management, aimed at ushering in the next generation of young technocrats, were enacted almost immediately. In May ADNOC revamped top-tier leadership across six of its operating units, including the Abu Dhabi Company for Onshore Petroleum Operations (ADCO) and the Abu Dhabi Marine Operating Company (ADMA-OPCO).

              Improving productivity across ADNOC’s 18 businesses, which range from downstream petrochemicals to upstream gas exploration, is likely to remain the focus in the short term.

              According to Al Jaber, the low oil price gave ADNOC an opportunity to examine the company’s efficiency across its operations more closely.

              “This process will ensure our company’s resilience and make it even stronger,” he told OBG. “We are working closely with everyone across the ADNOC family and with our strategic partners to identify, across the whole range of activities in our group, where we can do things better, be less cost intensive and perform more intelligently.”

              While the company has yet to provide further details of how operational efficiencies will be realized, tighter performance targets, based on operational cost per barrel for entities such as ADCO and ADMA-OPCO, will drive the transition.

              There also appears to be scope for examining the structures governing ADNOC’s operating companies.

              “A field bringing in 30,000 barrels per day doesn’t necessarily need to have the same operating model as large OPCOs,” Abdulmunim Alkindi, director of exploration and production at ADNOC, told OBG. “There is a major opportunity to capture integration opportunities, deepen and grow our petrochemicals business, extract maximum value from existing assets and expand business opportunities.”

              Movement on projects
              International oil companies have reacted positively to the changes, seeing an emphasis on new technologies and a more value-based environment as an opportunity to expand their presence in the oil-rich emirate, which holds 6% of global reserves, according to international media.

              Meanwhile, appraisals for several major gas projects in the Western region, including the Shuweihat, Ghasha and Hail fields, remain ongoing, as part of a fully-integrated Gas Master Plan that has been developed to improve efficiency, performance and delivery, and enable ADNOC to ensure a reliable and secure gas supply to help the UAE meet its development goals.

              Abu Dhabi will be looking to build on the success of Al Hosn Gas, which reached peak production of 1bn cubic feet per day (cfpd) of raw gas and 500m cfpd of gas sales in July 2015.
               
              German-based Wintershall Holdings completed appraisals on its first well in Shuweihat in May, citing a positive outcome, and plans to begin work on its second offshore well in September.

              At the same time, Houston-based Occidental Petroleum (Oxy) is in the early stages of conducting appraisals on the offshore Ghasha and Hail blocks, with support from Vienna-headquartered OMV.

              While energy subsidies for gas and electricity sold to power generators remain under review by authorities, a market rate could potentially incentivize gas projects, particularly those of higher sulphur content that impose a greater cost burden.

              ADCO is also moving ahead with the evaluation process for the remaining 22% of onshore concessions against a backdrop of considerable interest.

              French oil major Total secured the first stake of 10% in 2015, followed by Japan’s Inpex with 5% and South Korea-based GS Energy with 3%.

              In the medium term, many companies are positioning themselves for the offshore ADMA-OPCO concessions scheduled for 2018.

              “We are enthusiastic to work with the industry and to mutually benefit from what are very attractive, long-term and sustainable opportunities in the upstream oil and gas sector,” Al Jaber told OBG.

              While ADNOC’s output and recovery rates are likely to remain unchanged, the manner in which they are reached will continuously be evaluated.

              “Most importantly, we are focused on maintaining our current level of production as well as our investment program,” Al Jaber told OBG. “And, of course, we are also committed to achieving the overall target of 3.5m bpd, while we take into consideration prevailing market conditions.”
              Oxford Business Group
              31 July

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