DUBAI  - Abu Dhabi National Oil Company will keep a tight lid on its costs amid low oil prices and a gradual recovery in global energy demand, the company's chief executive told Reuters.

Sultan al-Jaber also said that ADNOC will continue to work with strategic investors to attract foreign capital and focus on maximising value from its resources.

ADNOC said on Tuesday it had signed a deal with a consortium of infrastructure investors who will invest in select ADNOC gas pipeline assets valued at $20.7 billion.

"In today's low price environment we must focus on the things we know we can control and that is of course our cost, we need to remain agile," al-Jaber said in a phone interview.

"We will continue to stay laser focused on cost, efficiency, optimisation and preserving our resources."

The world's top oil and gas companies are cutting spending and reducing their workforces in response to the coronavirus crisis which has hammered oil demand and prices.

The state-run oil and gas producer, long seen as one of the most conservative energy companies in the Gulf region, has been transforming itself to become more proactive and adaptive to market changes.

Al-Jaber said that the OPEC+ pact to cut oil supply has boosted confidence and there have been signs of a tighter oil market in recent weeks.

"Global economies are beginning to reopen and we are beginning to see a recovery in global demand particularly in China," he said.

"We are optimistic that this trend will continue to the second half of the year."

 

(Reporting by Rania El Gamal, editing by Louise Heavens, Kirsten Donovan) ((rania.elgamal@thomsonreuters.com; +971 562 160 434; Reuters Messaging: rania.elgamal.reuters.com@reuters.net ; Twitter: @RaniaElGamal10))