According to a official report ADNOC (Abu Dhabi National Oil Company) is targeting cost savings of 25 % on major oil projects. The head of strategy and coordination, Ali Khalifa Al Shamsi said “From Adnoc’s point of view we are trying to bring down operating expenditures and also on in the range of 25%”.

Mr Al Shamsi also noted the 60 per cent drop in the oil price since summer 2014 has led to sharp cuts in capital investment estimated at 20 to 30 per cent, or more than US$100 billion worldwide. In this way ADNOC can expect much better terms from the oil firms subcontracted to develop their large projects.

“Our plan has not changed” in terms of the major onshore and offshore developments being planned, said Mr Al Shamsi. “But we are trying to streamline, and working very hard to optimise field development and take advantage of the market.”

Read more: www.thenational.ae