Abu Dhabi National Oil Company (ADNOC)
Type: Government owned
Industry: Oil & Gas.
Headquarters: Abu Dhabi, United Arab Emirates.
Revenue: US$60billion (2014)
Number of Employees: 25000+
ADNOC Brief History
Abu Dhabi National Oil Company (ADNOC) is one of the ten largest oil companies in the world. The government owned oil company deals in all aspects of the oil industry. The company has a complex and elaborate holding company structure involving equity links with huge Western Oil Companies.
Abu Dhabi is the largest out of the seven states that made up the United Arab Emirates (UAE), the company was formed in 1971 and it is the heavy weight of the UAE’s oil industry.
ADNOC is responsible for 90 percent of the 100 billion barrels of oil reserves in The United Arab Emirates.
The company controls two refineries; three oil production companies; The Abu Dhabi Marine Oil operating Co. (Adma-opco) for offshore exploration and production; Abu Dhabi Gas Industries Ltd.
It also owns (GASCO), a natural gas production company; two maritime transport companies; a lot of other subsidiaries in the oil and gas and petrochemical industries.
ADNOC also provides gas and electrical power for local consumption as well as desalted water. Its subsidiary Adnoc Fod distributes and markets gas and fuel across the UAE and operates a network of 20 gas stations.
ADNOC Foreign Oil Interests
Albeit, ADNOC was found in 1971, it is also important to know the historical development of Abu Dhabi’s Oil and Gas Industry in order to understand ADNOC present structure.
Abu Dhabi was a late comer to the Middle Eastern Oil Industry, beginning production in 1962 searching for oil about 30 years earlier.
Similar to the story of other countries in the Middle East this search was done by foreign oil interests organized in a consortium. To visit the Abu Dhabi National Oil Company website Click Here.