Adnoc targets strategic investments

Abu Dhabi

ABU DHABI, November 7, 2016 – The Abu Dhabi International Petroleum Exhibition & Conference got underway on Monday with statements by Abu Dhabi National Oil Company (ADNOC) CEO Sultan Al Jaber on the company’s investment plans.

Commenting on ADNOC’s strategy for long-term growth, Al Jaber said that “efficiency alone” was not enough. “Some targeted and strategic investments are critical and essential to enable sustainable growth.”

Al Jaber’s statements follow the approval last week of ADNOC’s five-year business plan, which calls for a production increase of 400,000 to reach 3.5 million bopd by 2018. “We will continue to diversify our portfolio of projects and open new markets to ensure long-term and sustained profitability,” he added, building on the company’s efficiency drive unveiled in June.