The Abu Dhabi National Oil Company (ADNOC) is the state-owned oil and gas company of Abu Dhabi, managing the emirate’s hydrocarbon reserves of approximately 98 billion barrels of oil and 273 trillion cubic feet of natural gas. ADNOC is one of the world’s largest energy companies by reserves and production capacity.
History and Structure
ADNOC was established in 1971, the year of the UAE’s formation, to manage Abu Dhabi’s hydrocarbon resources. The company is wholly owned by the Government of Abu Dhabi. Its Group CEO is Dr. Sultan Ahmed Al Jaber, who also serves as UAE Minister of Industry and Advanced Technology and served as president of COP28 in 2023.
ADNOC operates through a group of subsidiary and joint venture companies spanning the full hydrocarbon value chain — from exploration and production through refining, petrochemicals, distribution, and marketing. Major subsidiaries include ADNOC Drilling, ADNOC Gas, ADNOC Logistics and Services, and Borouge (a petrochemicals joint venture with Borealis).
Production
Abu Dhabi’s oil production capacity exceeds 4 million barrels per day, though actual output is constrained by OPEC+ production agreements. ADNOC has invested heavily in expanding capacity, targeting 5 million barrels per day by 2027. The company also produces significant volumes of natural gas and natural gas liquids, with ongoing investments to achieve gas self-sufficiency for the UAE.
Downstream Expansion
ADNOC has pursued an aggressive downstream expansion strategy, moving beyond crude oil export into refining, petrochemicals, and specialty chemicals. The Ruwais Industrial Complex in western Abu Dhabi is the centrepiece of this strategy, housing one of the world’s largest integrated refining and petrochemicals operations. ADNOC has also expanded internationally through partnerships and acquisitions in refining and chemicals.
International Partnerships
ADNOC operates through a concession system, partnering with international oil companies including TotalEnergies, BP, Shell, ExxonMobil, and several Asian national oil companies. These partnerships provide technical expertise, risk sharing, and market access while Abu Dhabi retains majority ownership and control.
Role in Vision 2030
ADNOC is the principal revenue generator for Abu Dhabi’s economy and the primary funding source for the diversification agenda set out in the Economic Vision 2030. The vision recognises that hydrocarbon revenues must be maximised and efficiently managed during the transition to a diversified economy. ADNOC’s downstream expansion directly supports diversification by creating industrial employment and higher-value products, while its upstream operations fund the sovereign wealth that sustains long-term development.