Abu Dhabi: The UAE is expected to continue the policy of consolidation in the energy sector due to low oil prices, energy minister Suhail Al Mazroui said in Abu Dhabi on Wednesday.
“This is a journey and it will not finish. We have seen a lot of consolidation within Adnoc group. The idea is we need to sharpen our pencils. We have a plan to become one of the most efficient producers in the world by reducing the cost of the barrel,” he said at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec).
“The merger between companies creates value, we have seen within the IOCs [International Oil Companies] historically but it needs to be done with care and [a] clear objective,” Al Mazroui added.
Abu Dhabi National Oil Company (Adnoc) has undertaken two major mergers in recent times. Abu Dhabi Marine Operating Company was integrated with Zakum Development Company into one entity. It also consolidated the operations of three of its marine, shipping and services companies into one firm.
