Abu Dhabi National Oil Company (ADNOC) said on Monday it has reduced operational expenditure by between 10 and 15% in response to the falling oil prices.
Yasser Saeed Al Mazrouei, ADNOC’s deputy director of exploration and production, said at an event in Abu Dhabi that when the oil price slump began, the company asked its operating firms to make cuts to their spending.
However, Mazrouei added, that spending cuts will will not affect jobs across ADNOC companies..
Mohamed Al Shamma, the vice president of public relations at ADMA-OPCO, in which ADNOC has a 60% share, told The National that the decision to reduce operational expenditure is normal.
“When there is a drop in oil prices, of course you need to restructure the expenditure – but our projects, nothing has been affected for this year or coming years,” he said.
Last week, the state run oil company said it plans to invest more than $100bn over the next four years on new facilities and infrastructure to increase production capacity.
ADNOC is eyeing production capacity of 3.5mn barrels per day in 2017-2018 up from its current output of around 2.8mn bpd.
