The Business Year

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Salem Bin Ashoor

Chief Representative & General Manager, BP - UAE

The changes in ADNOC’s administration and the new vision of the Abu Dhabi government have made it clear that the country wants to rise to a different level. They have embarked upon a journey that will become the new benchmark for NOCs, where capability, technology, efficiency, and selectivity will become vital when it comes to building partnerships. The new mindset in ADNOC is to re-energize the entire industry and everyone is enthusiastic about keeping up in this fast-paced environment. For BP, this has made it easier to see how we can support ADNOC with our world-class technology and expertise, as well as contribute to Abu Dhabi’s vision of a sustainable and highly profitable oil industry. We have been in the country from day one and have never wavered in our commitment. We are delighted with the ADCO deal that we recently signed—a 40-year concession with ADNOC that brings our partnership to a whole new level—through which we are building a new framework for partnerships between IOCs and NOCs that will transform the industry in the region.

Hatem Nuseibeh

President, Total UAE

Even though we were not the first IOC to sign a partnership contract with a national UAE company, we were the first at this specific time, which caught the attention of other multinationals. The oil and gas industry is going through a rough patch, and decisions take much longer to be made. However, Abu Dhabi is a pivotal market for us, and we wanted to show that regardless of the circumstances we are here to stay through thick and thin. Moreover, ADCO’s estimations project that daily production will go from 1.6 million bpd to 2 million bpd, which is totally feasible and will further strengthen our position. The change in management of ADNOC has fundamentally changed the company’s approach toward the industry. These changes range from its decision-making processes to the way its investments are carried out. My projection is that we will see more alignments between NOCs and IOCs and this will ease the path for both of us to work together.

Neri Askland

Vice President Middle East, Neri Askland

2016 has been a wait-and-see-year for us in terms of concessions. Overall, the year was about restructuring in the oil and gas industry, and the recent appointments to ADNOC’s leadership completely transformed the company’s strategies, leading to an impressive series of changes that will spur growth in ADNOC. For Statoil, 2016 was about continuing with our ambitions for the UAE: adding value to Abu Dhabi and its oil production capacities. We continued to strengthen our partnership with Masdar, with which we have jointly developed a green wind partnership in the UK. We have also been working with The Petroleum Institute by helping to develop a new laboratory for R&D and enhanced oil recovery (EOR). We fully support ADNOC’s prudent target of 70% EOR, which will be highly beneficial in the long run. One of the areas where Statoil can add value to Abu Dhabi is through this objective for increased oil recovery, since we have some of the highest recovery rates in the world.

Dr. Uwe Salge

General Manager Middle East, Wintershall

In spite of the recent downturn in the oil and gas sector, Wintershall has remained positive, adjusting its strategy to remain efficient even during a period of volatility and tailoring its investment policy to achieve its strategic targets. For example, in November 2016 we launched the Shuwaihat project, a sour gas and condensate field that we want to develop into commercial production. After drilling one well and getting encouraging results, we are planning to continue, gathering enough data about the reservoir in order to go into development planning. As a way of cutting costs and improving efficiency, we decided not to use the normal logistics track for offshore drilling; instead, we signed a contract with Abu Dhabi Ports in 2016 to allow us to build a supply base at a small port in the area. This saves us USD10 million per well, about 10% of the total project cost. We hope to be able to deliver gas to Abu Dhabi through the Shuwaihat project by 2022.

Yuzo Sengoku

Director & General Manager, INPEX/JODCO

INPEX/JODCO has been engaged in the exploration, development, and production of crude oil in Abu Dhabi in partnership with ADNOC for over 40 years. In April 2015, we acquired a 5% participation interest in the ADCO Onshore Concession, which further strengthened our ties with Abu Dhabi and ADNOC. We also have been contributing to Abu Dhabi’s social infrastructure, including human resources development, education, and environmental protection. Over the 40-plus years we have operated here, we have made considerable technical contributions to the country and industry. Most recently, we announced our agreement in principle with ADNOC on the extension of the joint development of the Satah and Umm Al Dalkh offshore oil fields. Both oil fields have abundant reserves and have stably produced oil for many years based on a strong partnership between ADNOC and INPEX/JODCO. Moving forward, INPEX/JODCO will continue striving to strengthen its oil development and production activities in Abu Dhabi, as well as helping to further develop the strong relations between Abu Dhabi and Japan.



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