In January 2019, the Abu Dhabi National Oil Company (ADNOC) was named among the world’s top 10 most influential companies in the energy sector, according to research and intelligence firm GlobalData. And rightly so, as the world’s 12th largest oil-producing company was formed in the same year the UAE became a federation.
ADNOC was the only Middle Eastern company featured on the GlobalData list, and was ranked sixth and third among big oil firms after Exxon Mobil and China’s CNBC. The company has been among the primary catalysts for the growth of Abu Dhabi’s economy through its network of businesses including exploration, production, storage, refining and distribution, as well as the development of a wide range of petrochemical products across the entire hydrocarbon value chain. Shares for 10 percent of its fuel distribution unit were sold on the Abu Dhabi stock exchange in December 2018 in an initial public offering (IPO) that valued the company at an impressive $8.46bn.
In the same year, it announced a $1.4bn investment to upgrade and expand its Bu Hasa field, which will increase crude oil production capacity to 650,000 barrels per day (bpd). It said the step is vital to the delivery of its 2030 smart growth strategy that seeks to increase its crude oil production capacity and reduce cost to create a more profitable upstream business. The company announced its in-country value (ICV) spend for 2018 was over $4.9bn, representing a significant year-on-year increase attributed to the company’s new program launched in January to increase spending on local goods and services.
In November 2018, ADNOC Distribution’s Q3 2018 net profit rose 55 percent to $151.91m, boosted by strong revenues and a significant drop in expenditures.