"We remain committed to catalyze socioeconomic development, improve knowledge transfer, and generate skilled jobs for UAE nationals."

Mr. Al Mazrouei believes the response to key global challenges is encapsulated in four core areas: cost efficiency to ensure resilience in any market scenario; carbon efficiency, adhering to our collective global responsibility; highly skilled and agile people as the drivers of success; and technology as a key enabler.

He said ADNOC has been focusing on these pivotal areas since the start of its comprehensive transformation about five years ago. In that time, ADNOC has saved $2 billion through digital drilling monitoring, advanced drilling techniques, and by converting its drilling division into a fully integrated services business, in partnership with Baker Hughes. Drilling efficiency improved by more than 35%. Digitalization and AI have also played a crucial role, with the company’s Digital Panorama Real-time Data Analysis Center and Thamama Subsurface Center generating $1 billion of value each.

ADNOC’s speedy transition has enabled a variety of opportunities and successes, including delivery of $64 billion of foreign direct investment to the UAE, a $20 billion pipeline deal, and unlocking $5.5 billion in value from its real estate assets.

The company also reinforced its commitment to a reduced carbon footprint. In 2020, it announced plans to decrease greenhouse gas emission intensity by 25% by 2030. Its innovative subsea power transmission network alone will reduce ADNOC’s offshore carbon footprint by up to 30% while lowering the cost of power generation and freeing valuable natural gas.

With oil demand expected to grow to over 105 million barrels per day by 2030, ADNOC will increase its production capacity by 25% over the same timeframe—while continuing efforts to maintain its low-cost and low-carbon position.

Mr. Al Mazrouei concluded by saying, “We look ahead with confidence as we prioritize safety, lower cost, and lower carbon. We are well-positioned for more success and growth, enabling our commitment to unlock the full potential of Abu Dhabi’s vast resources and sustaining the UAE’s position as a trusted and reliable energy provider to the world.”