By: Ramy Sameeh
Abu Dhabi – Mubasher: Abu Dhabi National Oil Company (ADNOC) can adapt to lower oil prices even if they fall to $30 per barrel, Ali Khalifa Al Shamsi, the company’s Strategy and Coordination Director, said.
“We have to be fully prepared to maintain our profitability even if oil prices fell below the expected level,” according to Al Shamsi, Chairman of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
UAE is progressing with its plan to increase its oil production to reach 3.5 million barrels per day (bpd) by 2018, the official noted.
ADNOC’s acquisitions are part of a strategic plan that aims to create an added value for the company’s partners, as well as review systems of work.
The company announced in October its intention to integrate the operations of the Abu Dhabi Marine Operating Company (ADMA-OPCO) and Zakum Development Company (ZADCO).
Translated by: Julian Nabil
