Abu Dhabi National Oil Company (ADNOC) has not reported any direct coronavirus-induced operational disruptions across its value chain. However, the tendering process of a number of key upstream expansion projects is being pushed back by several months due to the market volatility and the company’s CapEx deferrals.
ADNOC’s upstream earnings experience significant downside under the current market climate. Prior to the market downturn as part of company’s 2030 growth strategy, United Arab Emirates’ oil production was expected to reach four million barrels per day (mmbd) by end of 2020 and five mmbd by end of 2030.
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