ADNOC CEO: This is the "early stage of a long transformation"
Speaking at Future Investment Initiatives, Dr. Sultan Al Jaber said ADNOC is at the start of a transformation process and emphasized the importance of digitalisation.
In a panel at Future Investment Initiatives, ADNOC CEO Dr. Sultan Al Jaber said that the company has a "very rich pipeline of new opportunities."
"We had to take a step back and revisit the fundamentals. 'Business as usual' had to be completely eliminated and deleted from our dictionary," he said, referring to the company's transformation process. He also noted that this required revisiting everything in the company's value chain.
"Transformation was simply centered around one thing and one thing only, a mindset that is commercially and only commercially motivated," Al Jaber said. "When I say that, we had to consolidate, optimise and make the organisation ready for smart growth."
'Smart' is the key word. "We have to accept that there is today a handful of disruptive technology," he added. "We cannot resist them, we have to embrace them and include them as part of this transformation."
He noted ADNOC's recent deal with BHGE, which acquired a 5% stake in subsidiary ADNOC Drilling. "This gives you an indication of what kind of partners we're looking for," he said, noting BHGE's digital focus and ability to "embed new technology across every step of the way.
He said ADNOC is poised to take on regional and worldwide opportunities.
"We have reduced our cost per barrel, Opex, Capex," he said. "This means more revenue and profits to our shareholders.
"Everything we're doing is centered around value maximisation," he added.