The Abu Dhabi National Oil Company (ADNOC) is the state-owned oil company of the United Arab Emirates. It was founded in 1971 and is one of the world’s largest energy producers. ADNOC operates across the entire oil and gas value chain, from exploration to production, refining to distribution and shipping.
Quick Answers
ADNOC has several subsidiary companies and joint ventures under its umbrella. The exact number varies as ADNOC forms new partnerships and acquires or merges companies, but estimates put the number of ADNOC subsidiaries and joint ventures at over 60.
Some of the major ADNOC companies include:
- ADNOC Distribution – Fuel and convenience retail
- ADNOC Drilling – Oil and gas drilling services
- ADNOC Fertilizers – Fertilizer production
- ADNOC Logistics & Services – Shipping and maritime logistics
- ADNOC Onshore – Onshore oil production
- ADNOC Offshore – Offshore oil and gas production
- ADNOC Refining – Oil refining and petroleum product marketing
- ADNOC Sour Gas – Sour gas production
- Al Yasat Petroleum – Onshore oil production
- Al Dhafra Petroleum – Onshore oil production
In addition, ADNOC has dozens of joint ventures with major international oil companies related to both upstream oil and gas production as well as downstream refining and petrochemical operations.
ADNOC Subsidiaries and Joint Ventures
Here is a more comprehensive overview of the main ADNOC subsidiaries and joint ventures:
Upstream Oil and Gas Production
- ADNOC Onshore – Wholly owned subsidiary handling ADNOC’s onshore oil production
- ADNOC Offshore – Wholly owned subsidiary responsible for offshore oil and gas production
- Al Yasat Petroleum – Joint venture with CNPC focused on onshore oil exploration and production
- Al Dhafra Petroleum – Joint venture with KOGAS focused on onshore oil exploration and production
- ADNOC Sour Gas – Wholly owned subsidiary focused on sour gas production
- ADNOC Drilling – Largest drilling company in the Middle East with 96 onshore rigs and 11 offshore rigs
- ADNOC LNG – Joint venture with entities like Mitsui, BP and Total involved in LNG production and export
Downstream Oil and Gas Processing
- ADNOC Refining – Wholly owned subsidiary operating the Ruwais refinery complex
- Abu Dhabi Oil Refining Company (Takreer) – Joint venture with IPIC and Eni that operates refineries in Abu Dhabi
- ADNOC Fertilizers – Wholly owned subsidiary producing urea and ammonia
- Fertiglobe – Joint venture with OCI producing ammonia and urea fertilizers
- Borouge – Joint venture with Borealis focused on polyolefins (plastics) production
Fuel and Convenience Retail
- ADNOC Distribution – Fuel retailer operating over 490 retail fuel stations
Logistics and Services
- ADNOC Logistics & Services – Integrated shipping and maritime logistics company
- INGL – Joint venture between ADNOC, OMV and Borealis focused on a terminal in the Port of Ruwais
- ADNOC Classification – Only classification society in the UAE certifying ADNOC offshore structures
In total, ADNOC likely has between 60-70 different subsidiaries, joint ventures, and associated companies involved in various parts of its integrated oil and gas operations.
The number of companies under the ADNOC umbrella is always evolving as ADNOC forms new partnerships, acquires businesses, and consolidates operations. But its core set of wholly owned subsidiaries and strategic joint ventures highlight ADNOC’s substantial scale and reach across the energy industry value chain.
ADNOC’s Strategy and Organizational Structure
ADNOC has undertaken major strategic and organizational changes in recent years to adapt and strengthen its business. Some key strategic initiatives include:
- Creating integrated oil and gas production subsidiaries – ADNOC Onshore, ADNOC Offshore, ADNOC Sour Gas
- Consolidating drilling activities under ADNOC Drilling
- Centralizing shipping and maritime logistics under ADNOC Logistics & Services
- Forming new joint ventures and attracting international investment and expertise
- Listing minority stakes of ADNOC subsidiaries on the Abu Dhabi Securities Exchange
- Driving downstream investment and integration into petrochemicals
ADNOC has also reorganized its leadership structure, with the creation of an Executive Committee now responsible for shaping and overseeing strategy across the ADNOC Group of companies.
These changes have made ADNOC more commercially focused, enabled more integrated operations, and given it improved agility to respond to industry trends.
Key Financial Figures
ADNOC is a major economic force in the UAE. Some key financial figures for the company include:
- Revenue in 2021: $71 billion
- Net profit in 2021: $15.5 billion
- Production in 2021: ~3 million barrels per day of oil and 10.5 billion cubic feet per day of natural gas
- Oil reserves: ~105 billion barrels
- Gas reserves: ~273 trillion cubic feet
- Refining capacity: Total capacity of over 1 million barrels per day
ADNOC is actively pursuing further expansion and development of its oil, gas and petrochemical operations to support the UAE’s economic growth and diversification.
ADNOC Company | Business Segment | Ownership Structure |
---|---|---|
ADNOC Onshore | Onshore oil production | 100% ADNOC owned |
ADNOC Offshore | Offshore oil and gas production | 100% ADNOC owned |
ADNOC Sour Gas | Sour gas production | 100% ADNOC owned |
ADNOC Drilling | Drilling services | 95% ADNOC owned, 5% public |
ADNOC LNG | Liquefied natural gas | Joint venture with entities like Mitsui, BP, Total |
ADNOC Refining | Oil refining | 100% ADNOC owned |
Borouge | Petrochemicals | Joint venture between ADNOC and Borealis |
ADNOC Distribution | Fuel retail | 75% ADNOC owned, 25% public |
ADNOC Logistics & Services | Shipping and maritime logistics | 100% ADNOC owned |
Conclusion
In summary, ADNOC has between 60-70 subsidiaries, joint ventures and associated companies spanning the full oil and gas value chain. Its core wholly owned operating units handle upstream, midstream and downstream activities. ADNOC also has strategic joint ventures with major international energy companies that provide capital and expertise. The ADNOC group of companies drives the UAE’s hydrocarbon production and supports economic diversification.