Go deeper: Adnoc's transformation under CEO Sultan Al Jaber

Timeline: The sale of a minority stake in Adnoc Drilling to the US company Baker Hughes is latest step in journey which began more than two years ago

New industries at the petrochemical and refining centre of Ruwais, above, and the industrial hub at Kizad should create extra demand for gas. Bloomberg

The Abu Dhabi National Oil Company has been going through a rapid and comprehensive transformation since Dr Sultan Al Jaber became chief executive in early 2016. The changes are aimed at optimising resources and efficiency, strengthening overall performance and fostering a more commercial culture, according to Adnoc.

• February 2016, Dr Sultan Al Jaber appointed group chief executive
• October 2016 consolidation of offshore companies Adma and Zadco.
• February 2017 onshore concessions renewals concluded after deals with BP and China's CNPC and CEFC, bringing total awards to Dh20 billion.
• October 2017, issuance of $3 billion bond backed by the Abu Dhabi Crude Oil Pipeline
• November, 2017 Adnoc sets up trading unit to boost revenue
• December 2017, IPO of Adnoc Distribution on the Abu Dhabi Stock Exchange.
• March 2018, new offshore concessions awarded to seven international partners for combined Dh29.1 billion.
• April 2018, Abu Dhabi's first ever competitive block licensing round launched.
• May 2018, Dh165 billion downstream investment strategy revealed.
• June 2018, Adnoc and Saudi Aramco to partner on $44 billion Indian refinery
• July 2018, Dh5.8 billion seismic survey project awarded to unit of CNPC
• September 2018, plans announced for transformation of Ruwais into fully-fledged city
• October 2018, Baker Hughes pays $550 million for 5 per cent stake in Adnoc Drilling

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