Abdullah Nasser Al-Suwaidi
,CEO,ADNOC
ADNOC has achieved a number of milestones and achievements over the last 12 months, with CEO Abdullah Nasser Al-Suwaidi leading the way. Perhaps the biggest announcement was that Total signed a new 40-year onshore concession agreement with the Supreme Petroleum Council Abu Dhabi (United Arab Emirates) and ADNOC.
Under the terms of the deal, Total has been granted a 10% participating interest. The concession covers the 15 principal onshore oil fields of Abu Dhabi and represents more than half of the Emirate’s production.
The world’s biggest international oil companies are battling for a stake in the concession, meaning Al Suwadi is currently in a position of great strength and influence.
In February, ADNOC also announced that it had signed a technical agreement with Occidental Petroleum to develop the al-Hail and Ghasha oilfields, with the deal worth some $500mn. The agreement covers 3D seismic surveys, drilling of appraisal wells and conducting of engineering studies necessary for the fields’ development.
