Sheikh Khalifa appoints new board of directors for Adnoc

Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed to chair the board of state-owned energy producer

Adnoc's headquarters in Abu Dhabi. The company's board will be chaired by Abu Dhabi Crown Prince Mohamed bin Zayed. Photo: Courtesy Adnoc

UAE President Sheikh Khalifa, who also heads Abu Dhabi's Supreme Council for Financial and Economic Affairs, appointed a new board of directors to govern the state-owned Abu Dhabi National Oil Company.

The new board will be chaired by Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, and will include the company's group chief executive Dr Sultan Al Jaber, who has additionally been appointed managing director of Adnoc.

Dr Al Jaber, who is also the Minister for Industry and Advanced Technology, is also part of an executive committee of Adnoc's board which includes energy minister Suhail Al Mazrouei, Mubadala Investment Company chief executive Khaldoon Al Mubarak, chairman of Abu Dhabi's Department of Finance Jassem Al Zaabi and Minister of State, Ahmed Al Sayegh. The executive committee will be chaired by Sheikh Khaled bin Mohamed bin Zayed, who is a member of the Abu Dhabi Executive Council and the chairman of the Abu Dhabi Executive Office.

Adnoc's new board of directors includes Sheikh Hazza bin Zayed, Sheikh Mansour bin Zayed, Sheikh Khaled bin Mohamed bin Zayed, Dr Al Jaber, Khaldoon Al Mubarak, Ahmed Mubarak Al Mazrouei, Jassem Mohammed Al Zaabi, Suhail Al Mazrouei, Ahmed Ali Al Sayegh and Awaidha Murshed Al Marar.

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  Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, will chair Adnoc's new board of directors. Wam

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  The Adnoc board includes Sheikh Hazza bin Zayed, also Vice Chairman of the Abu Dhabi Executive Council. Eissa Al Hammadi for the Ministry of Presidential Affairs

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  Adnoc's new board of directors includes Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs. Sheikh Mohamed bin Zayed Twitter

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  The executive committee of Adnoc's board will be chaired by Sheikh Khaled bin Mohamed bin Zayed, Deputy National Security Adviser, member of the Abu Dhabi Executive Council and Chairman of Abu Dhabi Executive Office. Hamad Al Mansoori for the Ministry of Presidential Affairs.

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  Dr Sultan Al Jaber, Minister for Industry and Advanced Technology is also Adnoc Group Chief Executive and Managing Director. Adnoc

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  Mubadala Investment Company Chief Executive Khaldoon Al Mubarak serves on the executive committee of Adnoc's board. Executive Affairs Authority

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  Sheikh Suhail Al Mazrouei, Minister of Energy and Infrastructure, serves on the executive committee of Adnoc's board. Chris Whiteoak / The National

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  Adnoc's new board includes Dr Ahmed Mubarak Al Mazrouei, Chairman of the Abu Dhabi Water and Electricity Authority and Deputy Secretary-General of the Executive Council. Crown Prince Court - Abu Dhabi

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  Adnoc's new board includes Jassem Mohamed Al Zaabi, Director General of the National Electronic Security Authority. Crown Prince Court - Abu Dhabi

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  Adnoc's new board includes Ahmed Ali Al Sayegh, Chairman of Abu Dhabi Global Market. Bloomberg

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  Adnoc's new board includes Awaidha Murshed Al Marar, Chairman of the Department of Energy in Abu Dhabi. Pawan Singh / The National

The new board of directors takes over from the Supreme Petroleum Council, which previously governed Adnoc.

The council ratifies Adnoc's annual five-year spending plan, discoveries of new resources and allocation of concessions to international energy companies.

The SPC was replaced in December by the Supreme Council for Financial and Economic Affairs, with Sheikh Khalifa as the chairman and Sheikh Mohamed bin Zayed as its vice-chair.

The constitution of Adnoc's first board marks a significant milestone in the group's evolution from a national oil firm to an integrated energy company with a growing international reach.

The new council was established to support Abu Dhabi's competitiveness and its economic and financial sustainability.

It will set financial and economic policy and will oversee the approval of strategies for a number of state-owned entities including Adnoc, Mubadala Investment Company, Abu Dhabi Investment Authority and holding company ADQ.

The council has oversight on the Department of Finance but it will operate with autonomy on a day-to-day basis.

The UAE, Opec's third-largest producer, accounts for nearly 4.2 per cent of global output of oil. Most of the production comes from fields owned and operated by Adnoc in Abu Dhabi. The national oil company has streamlined its operations under Dr Al Jaber, who was appointed to his existing position in 2016.

Under his leadership, Adnoc invited partnerships from international investors into its upstream concessions and also opened up opportunities across its midstream and downstream assets to foreign capital.

Last year, the company forged a number of agreements with global asset managers across its value chain, attracting $16.8 billion in foreign direct investment into the UAE.

The Abu Dhabi firm also plans to spend $122bn over the next five years, of which $43.5bn will be directed towards the local economy.

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  The UAE has continued to attract foreign investment during the pandemic, with Adnoc agreeing a $20.7bn deal in June for a group of global asset managers to acquire leasing rights to parts of its gas pipeline network. Wam

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  An Adnoc drilling rig in action. The company has achieved $2bn in savings over the past five years through the deployment of technology. Courtesy: Adnoc

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  Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces (R), is updated on the progress of Adnoc's downstream projects in Ruwais. Mohamed Al Hammadi / Ministry of Presidential Affairs

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  Adnoc group chief executive and Minister of Industry and Advanced Technology, Dr Sultan Al Jaber has overseen a transformation of the company into a more commercially-focused organisation since he took on the role in early 2016. Image: Adnoc

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  Adnoc refining operation in Ruwais. Courtesy: Adnoc

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  Adnoc has been able to maximise the value of its assets including of its refining operations. Image: Adnoc

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  An Adnoc LNG facility. Image: Adnoc

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  Adnoc's Virtual Energy Centre is available to students and public interested in learning about the company. Image: Adnoc

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  Fuel retailer Adnoc Distribution has expanded the number of its service stations. Image: Adnoc Distribution

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  Adnoc Distribution, the UAE’s largest fuel and convenience retailer, reported a 22% increase in third quarter profit as it nearly halved costs. Image: Adnoc

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  Adnoc's real time data monitoring centre lowered well duration by 30 per cent leading to cost savings of around $1bn. Khushnum Bhandari / The National

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  Adnoc HQ on Abu Dhabi's Corniche. On Sunday, Abu Dhabi's Supreme Petroleum Council also approved the award of new oil and gas exploration blocks under a second competitive licensing round. Image: Adnoc

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  Adnoc HQ. Reuters

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  Adnoc staff during a diving at the Adnoc Logistics and Services Maritime Logistics Base in Mussafah in Abu Dhabi. Pawan Singh / The National

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  Adnoc vessels. Pawan Singh / The National

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  Equipment at the Oil Spill Response warehouse at the Adnoc Logistics and Services Maritime Logistics Base in Mussaffah in Abu Dhabi. Pawan Singh / The National

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  Schlumberger's operations base in the ICAD II area of Mussaffah in Abu Dhabi. Schlumberger, G42 and AIQ plan to work to identify pilot projects that have the potential to be commercialised. Christopher Pike / The National

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  The Panorama Command Centre at Adnoc's headquarters in Abu Dhabi. Adnoc formed a joint venture with G42 in October to develop and commercialise AI products for the energy industry. Khushnum Bhandari / The National

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  ADNOC's Panorama Digital Command Center. Courtesy Adnoc