Overview
The Abu Dhabi National Oil Company is one of the world’s largest integrated energy companies, managing the entirety of Abu Dhabi’s hydrocarbon resources across the upstream, midstream, and downstream value chain. ADNOC is wholly owned by the Government of Abu Dhabi and is the single largest contributor to the emirate’s gross domestic product, government revenue, and sovereign wealth accumulation.
Abu Dhabi holds approximately 98 billion barrels of proven crude oil reserves — the sixth-largest globally — and approximately 58 trillion cubic feet of proven natural gas reserves. ADNOC is the custodian of these resources and the operational entity responsible for their extraction, processing, refining, marketing, and distribution.
The company generates annual revenues exceeding $150 billion, making it one of the highest-revenue enterprises in the Middle East. ADNOC’s financial contribution to the Abu Dhabi government provides the fiscal foundation upon which the Economic Vision 2030 is built.
Establishment and Governance
ADNOC was established in 1971, coinciding with the formation of the United Arab Emirates. The company was created to assume control of Abu Dhabi’s petroleum operations, which had previously been conducted under concession agreements with international oil companies, principally the Abu Dhabi Petroleum Company (ADPC) consortium.
The Supreme Petroleum Council (SPC) — chaired by the ruler of Abu Dhabi — governs ADNOC’s strategic direction, production policies, and major investment decisions. The SPC functions as the ultimate authority over Abu Dhabi’s oil and gas sector, setting production targets and approving major capital expenditure programmes.
Leadership
Sultan Ahmed Al Jaber has served as Group Chief Executive Officer of ADNOC since 2016. Under his leadership, ADNOC has undergone a significant strategic transformation — from a traditional national oil company focused on upstream production to a commercially oriented integrated energy group with publicly listed subsidiaries, international partnerships, and a growing energy transition portfolio.
Al Jaber simultaneously serves as the UAE’s Special Envoy for Climate Change and was President of COP28, hosted in Dubai in 2023. This dual role positions ADNOC’s leadership at the intersection of fossil fuel production and climate policy.
Production and Reserves
Abu Dhabi’s 98 billion barrels of proven crude oil reserves support a production capacity that ADNOC has progressively expanded. At the time the Economic Vision 2030 was published in 2008, Abu Dhabi’s production stood at approximately 2.5 million barrels per day. The vision document identified expansion to 3.5 million barrels per day as a strategic target.
ADNOC has since exceeded this target. The company has invested heavily in expanding production capacity at its onshore and offshore concession areas. Major producing assets include the onshore fields operated by ADNOC Onshore (including the Bu Hasa, Bab, and Asab fields) and the offshore fields managed by ADNOC Offshore (including Upper Zakum, one of the world’s largest offshore fields).
Production decisions are coordinated within the OPEC+ framework. Abu Dhabi, as the largest oil producer within the UAE’s OPEC membership, plays a significant role in the cartel’s production management. ADNOC’s capacity expansion strategy is designed to ensure that Abu Dhabi can increase production when OPEC+ allocations permit, maximising revenue during favourable market conditions.
The ADNOC Group: Subsidiaries and Operations
ADNOC operates through a group structure comprising multiple subsidiaries, each responsible for a specific segment of the hydrocarbon value chain.
Upstream
ADNOC Onshore manages the emirate’s onshore oil and gas production operations, including the major producing fields in western Abu Dhabi. International partners hold minority stakes in the onshore concession, including TotalEnergies, BP, and INPEX.
ADNOC Offshore manages offshore production from Abu Dhabi’s substantial maritime concession areas. Offshore fields account for a significant portion of total production capacity.
ADNOC Drilling is one of the largest national drilling companies in the Middle East, providing drilling services for ADNOC’s upstream operations. ADNOC Drilling was listed on the Abu Dhabi Securities Exchange (ADX) in 2021 — one of the first ADNOC subsidiaries to undergo an initial public offering.
ADNOC Sour Gas processes sour gas from the Shah and Habshan fields, recovering sulphur and natural gas liquids. These operations are technically complex due to the high hydrogen sulphide content of the gas.
Midstream and Logistics
ADNOC Logistics & Services (ADNOC L&S) operates the maritime fleet and logistics infrastructure that supports ADNOC’s upstream and downstream operations. The subsidiary manages one of the region’s largest tanker fleets and was listed on ADX in 2023.
ADNOC Gas processes, transports, and markets natural gas and natural gas liquids produced across ADNOC’s concession areas. This subsidiary was listed on ADX in 2023, representing one of the largest IPOs in the company’s listing programme.
Downstream
ADNOC Refining (formerly TAKREER) operates Abu Dhabi’s refining infrastructure. The Ruwais refinery complex is one of the largest in the world, with the original Phase I capacity of approximately 485,000 barrels per day identified in the Economic Vision 2030 document for expansion. Subsequent investment has significantly increased capacity and complexity, enabling the production of higher-value refined products.
Borouge is ADNOC’s petrochemicals joint venture with Borealis, a European polyolefins producer. Borouge operates a world-scale polyethylene and polypropylene production complex at Ruwais. Borouge was listed on ADX in 2022. The petrochemicals operation is a cornerstone of the vision’s strategy to capture more value from Abu Dhabi’s hydrocarbon feedstock by moving downstream into manufactured products.
ADNOC Distribution manages the retail fuel distribution network and operates service stations across the UAE and internationally. The subsidiary was listed on ADX in 2017 — the first ADNOC entity to undergo a public listing.
IPO Programme
ADNOC has undertaken an ambitious programme of initial public offerings, listing multiple subsidiaries on the Abu Dhabi Securities Exchange. This programme serves several strategic objectives simultaneously: raising capital for reinvestment, introducing market discipline to subsidiary operations, deepening Abu Dhabi’s capital markets, and increasing the emirate’s visibility among international institutional investors.
Listed ADNOC subsidiaries include ADNOC Distribution (2017), ADNOC Drilling (2021), Borouge (2022), ADNOC Gas (2023), and ADNOC Logistics & Services (2023). Each listing attracted significant international investor interest and was substantially oversubscribed.
Energy Transition
Under Al Jaber’s leadership, ADNOC has positioned itself as an energy company with a credible transition strategy. The company has invested in carbon capture, utilisation, and storage (CCUS) technology, operating one of the region’s first commercial-scale carbon capture facilities. The vision document identified carbon capture and storage as a priority technology for Abu Dhabi’s energy sector.
ADNOC has announced hydrogen development ambitions, positioning Abu Dhabi as a potential major producer of both blue hydrogen (produced from natural gas with carbon capture) and green hydrogen (produced from renewable electricity). These initiatives align with global demand for low-carbon energy carriers while leveraging Abu Dhabi’s existing hydrocarbon infrastructure and energy expertise.
The company’s approach to energy transition is evolutionary rather than transformative — maintaining and expanding hydrocarbon production capacity while investing in adjacent low-carbon technologies. This strategy reflects Abu Dhabi’s position that oil and gas will remain essential components of the global energy system for decades, even as the energy mix diversifies.
Role in Abu Dhabi Economic Vision 2030
ADNOC is the economic foundation upon which the entire Economic Vision 2030 rests. The vision document is explicit: hydrocarbon revenues will continue to fund the emirate’s development and sovereign wealth accumulation throughout the 2030 horizon and beyond. The strategy is not to replace oil but to use oil revenue strategically — investing in diversification while the resource base remains productive.
The vision identified several ADNOC-specific objectives: expanding production capacity, increasing refining output, developing the petrochemicals sector, and capturing higher value from the hydrocarbon value chain. ADNOC’s subsequent investments in refinery expansion, Borouge’s petrochemicals growth, and the downstream integration programme are direct implementations of these objectives.
The company’s IPO programme also serves the vision’s capital markets development goals. By listing major subsidiaries on ADX, ADNOC has transformed Abu Dhabi’s securities exchange from a small, thinly traded market into a platform hosting several of the region’s largest listed companies.
Institutional Significance
ADNOC is not simply a corporate entity. It is the financial engine of Abu Dhabi. The company’s revenues fund government operations, development spending, and sovereign wealth accumulation. Its production decisions influence global oil markets. Its investment programmes shape the physical infrastructure of the emirate. Its transition strategy will determine whether Abu Dhabi’s hydrocarbon sector remains economically relevant in a decarbonising world. No understanding of the Economic Vision 2030 is complete without understanding ADNOC’s centrality to every aspect of the emirate’s economy.