Timeline: The sale of a minority stake in Adnoc Drilling to the US company Baker Hughes is latest step in journey which began more than two years ago
Go deeper: Adnoc's transformation under CEO Sultan Al Jaber
The Abu Dhabi National Oil Company has been going through a rapid and comprehensive transformation since Dr Sultan Al Jaber became chief executive in early 2016. The changes are aimed at optimising resources and efficiency, strengthening overall performance and fostering a more commercial culture, according to Adnoc.
- February 2016, Dr Sultan Al Jaber appointed group chief executive
- October 2016 consolidation of offshore companies Adma and Zadco.
- February 2017 onshore concessions renewals concluded after deals with BP and China’s CNPC and CEFC, bringing total awards to Dh20 billion.
- October 2017, issuance of $3 billion bond backed by the Abu Dhabi Crude Oil Pipeline
- November, 2017 Adnoc sets up trading unit to boost revenue
- December 2017, IPO of Adnoc Distribution on the Abu Dhabi Stock Exchange.
- March 2018, new offshore concessions awarded to seven international partners for combined Dh29.1 billion.
- April 2018, Abu Dhabi’s first ever competitive block licensing round launched.
- May 2018, Dh165 billion downstream investment strategy revealed.
- June 2018, Adnoc and Saudi Aramco to partner on $44 billion Indian refinery
- July 2018, Dh5.8 billion seismic survey project awarded to unit of CNPC
- September 2018, plans announced for transformation of Ruwais into fully-fledged city
- October 2018, Baker Hughes pays $550 million for 5 per cent stake in Adnoc Drilling