Abu Dhabi National Oil Company (ADNOC) is looking to take advantage of market conditions and bring down the operating cost of its projects by 25 percent, a top executive said on Wednesday.
“From ADNOC’s point of view, we are trying to bring down our operating expenditure by 25 percent,” Ali Khalifa Al Shamsi, ADNOC’s strategy and coordination director, said on the sidelines of a news conference ahead of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
“We are making good progress towards it,” Shamsi said.
A sharp fall in crude oil prices since last June has prompted companies across the oil sector to cut spending and shelve some projects.
Shamsi said ADNOC was continuing with all its projects and stressed that there were no delays to field maintenance as safety would always remain a top priority.
Reuters, citing sources, reported on Monday that Gulf oil producers were delaying some field maintenance work until next year to keep production high.
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