Abu Dhabi National Oil Co. is expanding its partnership model to cover all of its value chain and to more actively manage its assets.
The company emphasized in a press statement that it plans no initial public offering of an equity share.
It said the new approach offers new partnership and investment opportunities in oil, gas, refining, and petrochemicals.
ADNOC plans, for example, to develop and expand “a regional, fully integrated drilling company” and seek new strategic partners for other upstream ventures.
In midstream work, it hopes to “create a new energy infrastructure venture to both generate value and further optimize ADNOC’s assets.” The venture might include “bundling of select ADNOC infrastructure assets such as oil, gas, or refined product pipelines and storage facilities.”
And ADNOC will further open its downstream business to offer new refining and petrochemical opportunities.
The company said it will seek partners able to secure access to the world’s fastest-growing markets for ADNOC products, to contribute technical expertise and develop new technologies alongside its own capabilities, and to invest with ADNOC “strategically across different parts of a more-integrated ADNOC value chain.”
The company said expansion of its partnership model is part of its “ADNOC 2030” strategy, which envisions higher oil production capacity and innovation in enhanced oil recovery, expansion of petrochemical production to 11.4 million tonnes/year by 2025 from 4.5 million tpy at present, and further development of natural gas resources.
The gas effort includes a potential $20-billion investment to develop Hail, Ghasha, Delma, Nasr, and Shuwaihat fields, which could produce 1.2 bscfd of gas. ADNOC also hopes to increase production from Shah gas field to 1.5 bscfd and consider development of Bab and Bu Hasa gas fields.