Dubai-based Emirates National Oil Company (ENOC) has recorded sales of over 220mn barrels of crude oil and petroleum products in 2015, an increase of 16% over the previous year.
At its 2016 Annual Performance Meeting in Dubai yesterday, the company announced that despite the downturn in the global oil and gas industry brought about by low oil prices, it has registered a 45% growth in revenues over the last five years.
Senior executives at the meeting said that ENOC’s recent acquisition of Dragon Oil has transformed the company into a fully integrated oil and gas business, giving Dubai ownership of strategic assets capable of producing over 100,000 barrels per day (bpd) of oil.
“With Dragon Oil, we are now a vertically integrated oil & gas company that is well positioned to strengthen our nation’s energy security,” Saif Al Falasi, ENOC’s group chief executive officer, says. “With this acquisition, we hope to partner, compete, and grow together with the world’s leading international oil and gas players, as well as regional national oil companies.”
ENOC also announced completing a key project last year: Project Falcon, a 58km jet fuel pipeline from Jebel Ali to Dubai International Airport, which is estimated to contribute about 55% of the ultimate fuel demand of Dubai International Airport.
‘These achievements are aligned with the Group’s strategic direction to meet the energy needs of the UAE, expand its operations and invest in the infrastructure required to facilitate Dubai’s growth’, ENOC says in a statement.
At the meeting, ENOC’s management also mentioned that the Dubai Government-owned enterprise is studying opportunities to expand its international operations.
“While the ongoing oil price instability is undoubtedly challenging, the flipside is that this environment is particularly fertile for acquisitions, as certain companies look to exit certain industry sectors and markets,” Al Falasi revealed.
Moreover, the company is planning a significant expansion of the Jebel Ali condensate refinery to accommodate rising domestic fuel demand and increasingly stringent product specifications.
In terms of expansion of its retail arm, ENOC is set to implement an ambitious plan for its service stations: the retail arm is targeting a 40% growth for its service station network by 2020, which includes ongoing renovations of major locations and the construction of an additional 54 new venues in Dubai.
