By Gavin Gibbon
ADNOC said to have raised $19bn from overseas investors in last three years
Abu Dhabi National Oil Company (ADNOC) is “exploring a multitude of financing options and strategic partnerships”, according to the company’s chief financial officer, Ahmed Jasim Al Zaabi.
Speaking at the second Abu Dhabi Sustainable Finance Forum, Al Zaabi said new investors can help ADNOC diversify its current financing while opening new doors in the sustainability arena.
A statement from the company said: “By tapping private capital sources for financing to optimize its capital structure, the firm is working to ensure a steady supply of funding in support of its smart growth strategy.”
According to a report from Reuters, ADNOC, which supplies almost three percent of global oil demand, has raised over $19 billion over the past three years from overseas investors.
“Building on fifty years of responsible production, ADNOC will continue to prioritize sustainability and make significant investments in new and innovative technologies and partnerships to improve our environmental performance,” said Al Zaabi.
ADNOC plans to decrease its greenhouse gas (GHG) emissions intensity by 25 percent by 2030. According to the International Association of Oil & Gas Producers (IOGP), the company currently ranks in the top five lowest GHG emitters in the oil and gas industry and has one of the lowest methane intensities of 0.01 percent.
ADNOC is also making further investments to expand the capacity of the region’s first commercial-scale carbon capture, utilisation and storage facility in Al Reyadah, six-fold. By capturing CO2 from its own gas plants, ADNOC aims to reach five million tons of CO2 every year by 2030 – the equivalent of the annual carbon capture capacity of over five million acres of forest, over twice the size of the UAE.
Al Zaabi said: “It is our clear aim to not just follow the guidelines and principles declared today but for ADNOC to be a leading contributor to the UAE’s efforts in promoting a sustainable agenda.”
Other key initiatives of ADNOC’s sustainability agenda include limiting the freshwater consumption ratio to below half a percent of total water use. Today, over 99 percent of the water ADNOC uses for cooling purposes is extracted seawater which is discharged back to sea after undergoing treatment to ensure compliance with ADNOC’s strict discharge standards.