UAE: Adnoc merges upstream assets

Abu Dhabi National Oil Company (Adnoc) is to merge the operations of Abu Dhabi Marine Operating Company (Adma-Opco) and Zakum Development Company (Zadco), in its latest effort to cut costs. Sultan Bin Ahmed Sultan Al-Jaber, minister of state and chief executive of Adnoc Group, announced the move on 4 October, describing it as “a logical step” given Adnoc’s recent focus on improving efficiency and profitability. The merger of the two upstream divisions should be completed by early 2018.