Adnoc

Adnoc Overview

Abu Dhabi National Oil Company – Adnoc – is the state-owned oil company of the United Arab Emirates.

Founded in 1971, Adnoc is the world’s 12th largest oil company by production, producing around 4.85 million barrels capacity of oil each day from its Ruwais and Umm Al Nar refineries.

It develops both onshore and offshore gas fields, with access to a total daily gas processing capacity of over 10 billion standard cubic feet.

Adnoc operates across the energy value chain via a range of companies including Adnoc Drilling, Adnoc Distribution, Adnoc LNG and Adnoc Gas Processing and including exploration and production, processing and refining, and marketing and distribution.

It received significant investments in 2019 from US asset managers BlackRock and KKR, Italian investment firm Eni and Singapore’s sovereign wealth fund GIC.

In September 2020 Adnoc completed a $1 billion placement of shares for its fuel and convenience retailer Adnoc Distribution, the largest block placement of a publicly listed GCC company following its 2017 IPO. Adnoc still owns 80 percent of the company.

This was followed by Adnoc Drilling going public on ADX in October 2021 and then Adnoc Trading, its gas processing and marketing company, being publicly listed on ADX in March 2023.

Then in September 2024 Adnoc launched its first-ever bond sale, raising $4 billion through its wholly-owned primary debt capital market funding vehicle, Adnoc Murban.

Adnoc aims to get to zero methane emissions by 2030 and net zero emissions by 2045 by investing in green energy and decarbonisation technologies.