The Abu Dhabi National Oil Company (ADNOC) is committed to reaching its targets in production capacity growth, the state-run WAM news agency cited Dr. Sultan Ahmed al-Jaber, UAE’s Minister of State and ADNOC Group CEO, as saying on Saturday.
“ADNOC remains committed to its targets in production capacity growth in order to ensure a stable and reliable supply of energy products to its global customers,” he said.
He said as a result of the company’s transformation over the past four years, ADNOC was “far stronger, more resilient and better positioned to respond to the current market dynamics”, such as reduced demand and low oil prices.
“Our strong balance sheet and our globally competitive cost per barrel, which we are constantly optimizing, ensures we can continue to enable sustainable development for the national economy," al-Jaber said.
He added ADNOC would continue to invest “responsibly and smartly through the downturn with a firm focus on people, performance, profitability, and efficiency.”