Page 13 - MEOG Week 18 2021

MEOG NEWS IN BRIEF MEOG

COMPANIES satellite operator Yahsat. oilfield goods and services across ADNOC’s
Abu Dhabi is the capital of the United entire value chain. As a result, all of ADNOC’s
JPMorgan, FAB poised to Arab Emirates and holds most of the country’s pre-qualified bidders are now subject to the
same terms and conditions in competitive
crude deposits. The UAE is the third biggest
win roles on ADNOC Drilling producer in the Organization of Petroleum tendering, reducing the timeline for legal
Exporting Countries, behind Saudi Arabia
negotiations from months to weeks.
IPO and Iraq. initiative, ADNOC’s Legal Function,
To deliver this first of its kind strategic
ADNOC’s drilling division is responsible
Abu Dhabi National Oil Co. is close to hiring for unlocking the UAE’s oil and gas resources supported by its Upstream and Commercial
JPMorgan Chase & Co. and First Abu Dhabi on land and at sea, according to its website. It & In-Country Value Directorates, developed
Bank PJSC to help arrange the potential listing has a fleet of 95 rigs in the Middle East and a global and oil and gas industry standard best
of its drilling business, according to people workforce of about 7,000 engineers. practice terms and conditions for drilling
familiar with the matter. In recent years, international and local and oilfield goods and services to support
ADNOC, as the company is known, is funds have invested more than $20 billion in procurement of ADNOC’s entire value chain,
looking to sell a minority stake in its drilling ADNOC assets such as pipelines and property. sought feedback on commercial, risk and
unit in a deal that could value the business at Last June, the company sold leasing rights operational requirements from ADNOC’s
up to $10 billion, the people said, declining over natural-gas pipelines to a consortium pre-qualified community of goods and
to be named because the matter is private. In including Global Infrastructure Partners and services providers and negotiated ADNOC’s
2018, when Baker Hughes bought a 5% stake Brookfield Asset Management Inc., in a deal standardized terms with the entire market.
in ADNOC Drilling, that deal valued the worth $10.1 billion. Jasim M. Saeed, Senior Vice President,
company at about $11 billion, including $1 Still, its sole IPO to date was the listing of Group Procurement at ADNOC, said: “This
billion of debt. its fuel-retailing unit, Abu Dhabi National Oil initiative significantly speeds up ADNOC’s
Although the state energy firm has yet to Co. for Distribution PJSC, in 2017. tendering process. The approach underscores
award formal mandates, the two banks are BLOOMBERG our efforts to drive commerciality across
in pole position for a role on the IPO at the our business and proactively respond to the
Abu Dhabi Securities Exchange, the people ADNOC announces demands of a fast-evolving energy landscape.
said. ADNOC may also appoint additional We are very pleased to have completed
advisers, they said. initiative to drive tendering this initiative in a timely manner and we
ADNOC and JPMorgan declined to continue to work on identifying more win-
comment. FAB didn’t immediately respond to efficiencies win solutions for us and our contractors and
emails seeking comment. suppliers to enhance value as we deliver our
Alongside tapping new revenue sources, The Abu Dhabi National Oil Company 2030 strategy.”
Abu Dhabi is looking to revive its dormant (ADNOC) announced today, it has The program strategically positions
stock market by bringing in local or successfully implemented an innovative ADNOC as a global industry leader for
international investors. Government entities initiative to drive efficiencies in its tendering best-in-class oilfield procurement. It also
such as ADNOC, Mubadala Investment Co. process. This program supports ADNOC’s strengthens ADNOC’s relationships with its
and ADQ have also been exploring different ongoing efforts to enhance its approach suppliers and contributes to more efficient
ways to raise cash for their owner. to procurement and maximize value for operations, which ultimately maximizes the
ADNOC recently picked banks for the ADNOC and its community of suppliers and value from every barrel it produces.
initial public offering of a fertilizer joint service providers. Over 1,100 international principal
venture called Fertiglobe, while wealth fund The program standardizes the terms and companies and United Arab Emirates
Mubadala hired advisers for the listing of conditions for the procurement of drilling and (UAE) agent companies have signed up to

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