Abu Dhabi state energy giant Adnoc is investing heavily in its upstream sector as it plans to expand crude production capacity to 5mn b/d by 2030 (MEES, 9 November 2018). It is also targeting gas self sufficiency by 2030 through a combination of increased production and development of renewables and nuclear energy (MEES, 14 August).

The scale of the expansion means that opportunities for services firms abound, but the Covid-19 pandemic has since thrown the industry into turmoil. Adnoc remains adamant that it is committed to investing countercyclically through the price downturn (MEES, 10 April), but equally the firm plans to “optimize costs,” which will often mean squeezing contractors. (CONTINUED - 775 WORDS)