Join Our Newsletter - Get important industry news and analysis sent to your inbox – sign up to our e-Newsletter here

Covid-19 and price crisis have put the timing of ADNOC’s joint project developments under review

18 Aug 2020 (Last Updated August 18th, 2020 17:09)

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.

Click here to read the full article.