By Staff writer
Abu Dhabi oil giant announces new operating model in latest organisation change
Abu Dhabi state-owned oil giant ADNOC has revealed its new logo, in the latest stage of the organisation’s corporate revamp.
The firm, one of the world’s largest oil companies, said the new brand signified an 'evolution into an organisation focused on the future, based on the pillars of efficiency, profitability, performance and people with an unwavering commitment to health, safety, operational integrity and the environment'.
ADNOC appointed UAE Minister of State Sultan Al Jaber as chief executive in February. Since then, several key management changes have been made.
Earlier this month, the firm named Abdulaziz Abdulla Alhajri as director of its refining and petrochemicals division and Omar Suwaina Al Suwaidi as director of its gas division, it said in a statement.
The firm also appointed new chief executives for six of its 18 operating units, including Adco and Adma-Opco, the joint ventures responsible for most of the emirate's oil production.
The appointments are all promotions from within ADNOC's ranks, following the retirement of two executives.
In a statement, ADNOC said it had also adopted a new operating model, which would see it 'manage and oversee the strategy, planning, as well as the operational, commercial and financial performance of the group and its businesses'.
“Our new operating model will play a key role in ensuring ADNOC delivers on its strategic imperatives of creating a more profitable upstream and valuable downstream business, ensuring sustainable and economic gas supply and developing world-class talent,” Al Jaber said in the press statement.
The ADNOC group contains 21 specialist subsidiary and joint venture companies, which together produce 3.1 million barrels of oil a day.
ADNOC is currently in talks to award stakes in its 40-year onshore concession to develop the emirate's biggest oilfields, after a deal with Western oil companies dating back to the 1970s expired in January 2014.
Last week, MEED reported that the firm was planning to lay off 5,000 of its 55,000-strong workforce by the end of the year.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.