Abdullah Nasser al-Suwaid’s appointment as director general of the Abu Dhabi National Oil Company (ADNOC) by His Highness Sheikh Khalifa bin Zayed al-Nayan, President of the United Arab Emirates, came at a crucial time for the company.
ADNOC is currently looking to renegotiate long-running key contracts with supermajors operating its major oil fields.
ExxonMobil, Shell, Total and others are seeking to extend oil production contracts in Abu Dhabi.
The Emirate is planning to spend as much as $60 billion over the next decade to expand its oil and gas industry, including boosting crude production capacity to 3.5 million barrels a day from about 2.8 million now.
Exxon Mobil and Shell are concession-holders in ADNOC’s onshore unit Abu Dhabi Co. for Onshore Oil Operations until 2014. Adnoc owns 60% of the unit with Exxon Mobil, Shell, Total, BP and Partex holding the rest.