HE Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, confirmed ADNOC's intention to issue the first-ever IPO for one of its subsidiary companies, in his keynote address to the largest ever Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC).
HE Dr Al Jaber outlined plans to issue an IPO for ADNOC Distribution, unlocking value for the ADNOC Group in accordance with its 2030 strategy. He also highlighted unprecedented interest in the renewal of Abu Dhabi’s offshore concessions, and pointed to further diversification and expansion of ADNOC’s downstream operations.
HE Dr Al Jaber said: “The fundamentals of the global economy are positive, the future is promising, and the state of our industry is very strong. Despite this positive outlook, we cannot ignore the shifting dynamics of global energy use. We must act nimbly, think creatively, and challenge our traditional business models, and at ADNOC we are facing the future to create a new type of National Oil Company.”
Marking the start of four days of high-level industry discussions that will shape policies and strategies to support sustainable, long-term growth for the oil and gas industry, the official opening forum also featured keynote speeches from HE Suhail Mohammad Faraj Al Mazrouei, UAE Minister of Energy, and HE Mohammed Barkindo, OPEC Secretary General.
ADIPEC 2017 comes at a time of cautious optimism among oil and gas producers. In the days before ADIPEC, global oil prices topped $60 per barrel for the first time in more than two years, while the industry is now benefiting from sustained and significant efforts to improve operational efficiencies and diversify operations as it adjusts to a changing energy landscape.
In keeping with the industry’s strategic direction, the theme for ADIPEC 2017 is ‘Forging Ties, Driving Growth’, reflecting an emphasis on the search for new partnerships and new opportunities as the foundation for generating sustainable, long-term revenues.
In an important change for this year, ADIPEC has expanded to include the oil and gas industry’s downstream sector for the first time, including refining and non-fuel processing such as petrochemicals, reflecting the increasingly diversified operations of NOCs and IOCs as they move to generate revenue from multiple layers of the petroleum value chain.
Also speaking during the opening ceremony, HE Al Mazrouei said: “I said earlier this year that I am optimistic about the second half, and today I am optimistic about the whole of 2018. I think it is going to be a very strong recovery year, and we will see more investments coming to the region.”
HE Barkindo emphasised ADIPEC’s vital role in facilitating discussion and collaboration within the global oil and gas industry, and as a showcase for technical innovation. He said the power of cooperation had been essential to the efforts of both OPEC and non-OPEC nations to restore confidence in oil markets during the past year.
“We are confident that the oil industry, and indeed the global economy, are pivoting… and the market is rebalancing at an accelerating pace and stability is returning,” said HE Barkindo.
Held under the patronage of His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, ADIPEC 2017 is hosted by the Abu Dhabi National Oil Company (ADNOC), supported by the UAE Ministry of Energy, the Abu Dhabi Chamber, and the Abu Dhabi Tourism Authority (TCA Abu Dhabi), and organised by dmg events.
ADIPEC 2017 marks the event’s 20th edition and its largest to date, bringing together more than 2,200 exhibiting companies, 27 country pavilions, 900 speakers, 10,000 delegates, and 100,000 attendees from more than 125 countries.
First day of the programme emphasised high-level strategic discussion and insight. The first of the two Global Ministerial Panels brought together international ministers and decision makers, sharing their thoughts on how oil and gas producers can create energy opportunity through foresight, vision, inspiration and innovation.
Speakers included HE Suhail Mohammad Faraj Faris Al Mazrouei, UAE Minister of Energy; HE Tarek El Molla from Egypt; HE Dr Mohammed Bin Hamad Al Rumhy from Oman; HE Dr Ibe Kachikwu from Nigeria; and the Honourable Dr Fabian Pok from Papua New Guinea.
ADIPEC’s opening day also featured two of the four Global Business Leader sessions scheduled for 2017. These CEO-led discussions looked at how the industry can foster relationships and create business models for success, and also discussed the topic of pioneering strategies and breaking boundaries for global success. In a special VIP session for members of the Middle East Petroleum Club (MEPC), OPEC presented the 2017 edition of its World Oil Outlook.
The first day of ADIPEC 2017 concluded with the announcement of this year’s winners of the ADIPEC Awards during a Gala Dinner hosted by ADNOC at The Ritz-Carlton Abu Dhabi. The distinguished awards recognise individuals, companies, and projects that demonstrate excellence, best practice, and innovation in energy from around the globe.