Abu Dhabi: Abu Dhabi National Oil Company’s (ADNOC) projects are safe from falling oil prices, the state company’s top executive in Abu Dhabi said on Monday.
“All committed projects are in progress,” Abdulla Nasser Al Suwaidi, ADNOC Director General, told an industry audience at ADIPEC.
“We will continue to invest in refining to increase capacity,” he added.
Oil prices have fallen by more than 25 per cent since June raising questions over the immediate stability of ongoing developments as revenues decline.
However, Al Suwaidi said now is not the time for companies to draw down on their investments.
“Our energy policy and investment decisions must be driven by long-term demand projections and not delayed by short term instabilities,” he said.
Oil and gas production accounts for around 60 per cent of gross domestic product in Abu Dhabi, the UAE’s largest energy producer. Abu Dhabi relies on oil revenues to not only bolster but also fund efforts to diversify its economy away from fossil fuels.
Al Suwaidi said, “Global energy demand will continue to rise and we have a collective responsibility to meet this challenge.”
