The United Arab Emirates’ (UAE) largest oil company, Abu Dhabi National Oil Company (ADNOC), announced at the Abu Dhabi International Petroleum Exhibition Conference (ADIPEC) that it will accelerate its transformation program to reduce cost and unlock value, according to Zawya.
One way in which ADNOC sees this is through digital transformation. The company’s CEO, Al-Jaber, announced at the conference that digital technologies had saved $3 billion: “We have saved $1 billion over the past four years leveraging the big data through our Panorama command center. We have captured an additional $2 billion by adopting digital drilling.”
Despite the difficult business climate, the ADNOC chief said the oil giant unlocked more than $25 billion in value this year. However, to unlock more value the company is turning its attention to trade with its first derivative trade planned for September 2021.
Al-Jaber also added, “Next month [December 2020] we will begin trading the full portfolio of our refined products. The first quarter of 2021 will see the launch of ICE Futures Abu Dhabi. It will be the first exchange to introduce futures contracts based on Abu Dhabi’s popular Murban grade.”
ADNOC is further looking to reduce carbon intensity over the coming decade.