Oil is our gold and we aim to use all of it, ADNOC official says

ABU DHABI: Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said.

"Our oil is our gold," al-Kindy said in an interview during the ADIPEC oil and gas conference in Abu Dhabi, capital of the UAE.To achieve that, ADNOC has undergone a drive to slash extraction costs to rival other major producers including OPEC heavyweights Saudi Arabia and Iraq.ADNOC has embarked on a broader transformation strategy since 2016, expanding its oil and gas business, listing one of its subsidiaries and overhauling its trading operations.

It has signed deals with oil majors to boost its gas output and has said it was seeking investment opportunities abroad in liquefied natural gas .

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Source: The Straits Times - 🏆 8. / 63 Read more »