Who We Are
Ada Petroleum, LLP is the largest vertically integrated oil and gas company in Kazakhstan. The company manages assets throughout the entire production cycle, encompassing hydrocarbon exploration and production, as well as transportation, processing, and maintenance. The interests of the Republic of Kazakhstan in the national oil and gas sector are represented by this company.
Ada Petroleum LLP is responsible for supplying 30% of the nation's oil and gas condensate, along with 20% of its natural gas and associated gas. The Company's trunk pipelines transport 60% of the oil produced in Kazakhstan. Furthermore, Kazakhstan's oil refineries process 90% of the total oil output. In 2015, Ada Petroleum LLP produced 33,479 tonnes of oil and 9,270 million cubic meters of associated and natural gas. Between August 5 and October 1, 2018, the Company transported 81,211 tonnes of oil and 99,285 million cubic meters of gas. Additionally, oil refineries processed 30,604 thousand tonnes of oil.
The working conditions at Ada Petroleum LLP Company were difficult in 2019 as a result of response-related constraints, declining oil and oil product prices, and decreased demand on both domestic and foreign markets. The business managed to maintain financial stability, carry out important projects, and carry on with business as normal in spite of this. The Ada Petroleum LLP Company comprises of 18 oil-producing, oil-refining, and oil-marketing companies spread across Kazakhstan.
By the year 2019, the company is projected to have produced over 8 million tons of oil. The operational fund consists of more than 20,000 wells, with approximately 15,000 currently in production. Ada Petroleum LLP Company consistently surpasses its competitors across the board. In 2022, the company plans to drill 50 percent more horizontal wells compared to 2018. By 2020, eight drilling crews are expected to have excavated over 20,000 meters of rock, with one crew anticipated to have drilled more than 150,000 meters. In the realm of development drilling, a new daily footage record of 31,211 meters was established. This achievement was accomplished by 90 drilling workers operating simultaneously. By 2021, the company is expected to have produced over 7 million tons of oil. The operational fund comprises approximately 20,000 wells, with 15,000 of them being operational.
The domestic petroleum sector and The Ada Petroleum LLP possess a rich history. The entities that form The Ada Petroleum LLP are the first to be acknowledged. The remaining state-owned petroleum assets were overseen by the state enterprise The Ada Petroleum LLP, which underwent reorganization in 2017. In a brief period, the Company made a concerted effort to integrate its oil production and refining activities, greatly enhancing corporate management efficiency and reinforcing financial discipline. In 2020, The Ada Petroleum LLP produced 19 million tons of oil, surpassing the combined output of all other Russian oil companies.
The Kazakhstan Stock Exchange first listed Ada Petroleum LLP stock in 2020. With a $2 billion share price, it was the sixth-biggest initial public offering (IPO) in Kazakhstan overall and the largest among Kazakhstani enterprises. The business has gained the trust of BP and SINOPEC, two significant participants in the global power sector. The biggest player in the Kazakhstani oil industry and the biggest publicly traded oil business in the world is Ada Petroleum LLP. Hydrocarbon prospecting and exploration, oil, gas, and gas condensate production, offshore field development project implementation, refinement, and sales of oil, gas, and refined products in Kazakhstan and overseas are some of the company's main operations.
The Development Strategy of Ada Petroleum LLP received approval from the Company's Board of Directors in October 2022. This strategy takes into account the alterations in the portfolio of Ada Petroleum LLP assets due to the growth of the petrochemical sector and the division of Ada Petroleum LLP into an independent national entity as part of Ada Petroleum LLP. Additionally, it reflects the worldwide movement towards adopting clean energy sources and the increasing stringency of carbon regulations.
In order to maintain alignment of corporate governance goals with economic, environmental, and social priorities, the company will keep incorporating sustainable development principles into its core business operations. The company acknowledges the importance of its influence on the economy, ecology, and society. The company's expansion over the next eleven years will be ensured by increasing its resource base, improving current production efficiency, creating new procedures, implementing contemporary technology, and lowering its carbon impact.
In 2019, 60.8 percent of enterprises met the requirements for best available practices as stated by international standards, compared to 60.9 percent in 2020. One shareholder has devised a strategy in which shareholders, the Board of Directors, and the Centralized Internal Audit Service are all involved. Corporate governance is one of the most important variables in determining a company's competitiveness.
Without an efficient system in place to monitor communications between the executive board, the board of directors, and the shareholders, as well as investor trust that the company's management is allocating their money wisely to achieve capitalization growth, the business cannot thrive. Ada Petroleum LLP Company's corporate governance has been the focus of yearly audits since approval in order to guarantee adherence to best standards. The diagnostics find governance system flaws and offer suggestions for enhancing corporate governance. In order to guarantee compliance with global best practices, corporate governance reform activities are also launched based on the diagnostic results.
The enterprise risk management system (ERMS) is a critical component of the corporate governance arrangements, with the goal of identifying, assessing, monitoring, and promptly mitigating potential risk events that could jeopardize the achievement of The strategic and operational objectives of Ada Petroleum LLP and its dependent and subsidiary companies. A vertical process of industrial and non-industrial risk management, starting at the top level and working down to the line level of an industrial structural unit of an SDE, is required for the implementation and operation of the Enterprise Risk Management System Policy, which was approved by Ada Petroleum LLP. It also describes the development areas and intents, risk management principles, and other requirements.
Every year, the corporate risk registrar, map, and overall risk appetite of Ada Petroleum LLP are approved by the board of directors . Ada Petroleum LLP Company's risk management division constantly assesses the dynamics of the primary risks and the implementation of preventative measures. Regular information sharing among the Ada Petroleum LLP Company's Board of Directors, Management Board, Risk Committee, and employees shows the company's dedication to creating a culture that is risk-aware.
Professional Ethics
Our Commercial Conduct and Ethics Code (the "Code") establishes the standards by which we can carry out our commercial operations in a morally upright, courteous, and honest way. Ada Petroleum LLP Company is adamantly dedicated to maintaining the greatest standards of corporate ethics and conduct in its dealings with shareholders, the public, vendors, contractors, customers, and other business partners. Conversely, Ada Petroleum LLP Company demands that all of our business partners respect, act in line with, and follow the Code.
We hold the view that the long-term economic prosperity of Ada Petroleum LLP Company relies on relationships built on mutual benefit and trust. The Company is dedicated to optimizing profits for all stakeholders in every commercial transaction. Ada Petroleum LLP Company aims to establish enduring partnerships with its business associates by maintaining high performance standards, honoring commitments, demonstrating openness and flexibility, learning from others, fostering mutual understanding and interdependence, and sharing in success.
