A full-size replica of an oil rig stands outside the headquarters of Abu Dhabi’s National Oil Company (Adnoc), a reminder of what the city’s wealth is built on.
But inside the 340m-tall skyscraper, Adnoc’s leaders are working out how to “future proof” the state oil company over the next 25 years as the world tries to wean itself off fossil fuels and hit climate targets.
Like Shell, TotalEnergies and BP, Adnoc is investing as much as $5bn a year in low-carbon energy, according to the consultancy Wood Mackenzie, far more than the US majors.
It has also set a target to hit net zero emissions by 2045, five years ahead of its peers, and is diversifying into products derived from hydrocarbons, such as plastics, which will sustain oil demand after the use of gasoline and diesel starts to drop.
At the start of this month, the company announced a $16bn deal for Covestro, a German specialist in polyurethane and polycarbonate.
But unlike the European majors, who are preparing for peak oil sometime in the next decade or so, Adnoc wants to be one of the last oil companies pumping.
It is therefore also investing heavily in raising its crude oil capacity and betting on demand for gas.
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