Abu Dhabi National Oil Company (ADNOC), one of the world’s largest petroleum producers, has agreed to train several Guyanese who will eventually make up the nation’s Crude Marketing Unit.
Vice President, Dr. Bharrat Jagdeo made this disclosure at a press conference on Friday.
The official said this development comes in wake of his November visit to the United Arab Emirates where matters of cooperation and investments were discussed with His Highness Sheikh Ahmed Dalmook Al Maktoum.
In providing an update on those discussions, the Vice President said ADNOC has vast experience in crude marketing. He said it is the administration’s intention to ensure the country is equipped with the relevant skills to market its crude independently as its share of profit oil grows.
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“Recognising that the volume of crude available to us, given our 50% share, might be all we will trade, we will need a modest marketing section. We are committed to putting that in place as part of the operational improvement reforms we are advancing,” the Vice President stated.
He said the unit will track price movements and administer all the contracts on the marketing of the nation’s crude. Dr. Jagdeo said ADNOC has promised to train all Guyanese through attachments.
“Over the next year or so we may have to recruit about 15 persons, top quality, with first degree at least, and assign them so they can work in ADNOC’s facilities for a time until they build capacity,” the Vice President said.
As of 2021, ADNOC has an oil production capacity exceeding 4 million b/d with plans to increase to 5 million bpd by 2027. It is also one of few oil companies in the world to make a substantial investment to increase oil production amid growing pressure to reduce output due to climate change, which according to the company is necessary as oil and gas continue to power the world economy and to prevent price shocks in natural gas and oil caused by premature cuts in investment.
In an effort to adapt to climate needs, ADNOC is planning the large-scale production of hydrogen fuel as a clean energy fuel to replace oil exports.
