Abu Dhabi Marine Operating Company (ANOC-OPCO) is owned by the Government of the Emirate of Abu Dhabi through ABNOC or the Abu Dhabi National Oil Company, and by other private companies. ABNOC is fully responsible in regulating and overseeing the oil and gas operations of the Emirate. According to ANOC-OPCO, its partnership approach is based on the alignment with the vision, mission, work and values that the company has. According to Tosti & Jackson (2003), it is important for the partnership to be based on shared values and vision to ensure the freely flow of similar information, plans and ideas that can provide vital impact to the way the organization moves toward its goals. It should be understood that the goal of ANOC-OPCO is to keep the offshore oil exploration sustainable, which is consistent to the goal of the shareholder companies that are partnering with ANOC OPCO. As noted by ANOC-OPCO, it intends to have an exchange of creativity and knowledge among its partners to boost its potential.
To be able to accomplish the goals of the organization, ANOC-OPCO maintains structured partnership for the maximum utilization of resources as a cost-effective strategy. For instance, it has a sharing partnership of helicopter transportation with ZADCO to mitigate the cost of the asset. The partnership with ZADCO is not just based on the demand of cost-effectiveness, but it is also a design to for a coordinative effort in inspection and in the creation of marine standards and procedures. The standards created by the two companies helped to ensure sustainability of the marine life and habitat even in the presence of the offshore exploration.
In the same manner, the company is moving toward the formation of long term relationships with contractors and suppliers of the company. The rationale is that long term relationships can provide coordination for sharing of resources, management, and cost effectiveness. To note, it would impossible to succeed in business without strong relationships that are only built through long-term connection (Dahl, 2011). By building a relationship with suppliers and contractors, ANOC-OPCO is able to create a relationship which is anchored on the sharing of information, procedures, and processes that will help improve the efficiency of ANOC-OPCO and that of the partners.
With the Innovation Awards and Peer Reviews, ANOC-OPCO builds partnerships that are bent toward creativity and innovation. Sharing of knowledge in the oil exploration industry is important because it can help to create the best practice in the oil field operation, thus bringing in better approaches. As much as ANOC-OPCO is susceptible to issues and problems when there are issues and problems among its partners, it is necessary to create a two-way traffic of information that will help both parties to address concerns properly and in real time to avoid complications that can lead to serious operation failure.
In fact, the CEO of ANOC-OPCO joins the initiative in leadership for contractors and suppliers. Through this initiative, effective leadership is discussed and knowledge is shared. As much as there are serious issues and topics to be discussed, sharing of knowledge paved the way for the mutual development of resolutions. According to Tosti & Jackson (2003), “values of partnership and initiative become reality when people engage in behaviors like inviting personnel from other groups to planning meetings and taking action to meet needs as they arise, rather than waiting for approval.” This integrative effort of the senior management to engage with the partners of the company is a testament to the way they invite other people for a dialogue that could help shape the way the organization thinks and moves.
In terms of resources, as noted ANOC-OPCO works together with the partners to build a coordinative effort for cost-effectiveness such sharing of resources for optimal utilization of cost. These strategies work for the benefit of moving and allocating resources properly for the purpose of making returns out of the asset investment. In the same manner, as much as other partners have the resources that ANOC-OPCO needs, partnership with them to take advantage of the resources or assets is a great strategy that enables the organization to meet demand of operation without the necessity of purchasing or acquiring resources or assets in the process. This saves capital and allows the organization to allocate capital to other assets and resources that are needed by the organization.
Moreover, it should be noted that ANOC-OPCO considers shareholders of the company as partners. The Government of the Emirate of Abu Dhabi through ABNOC is the major shareholder of the company. ANOC-OPCO considers ABNOC as its partner because of their aligned mission and vision, and not just because of the shareholder relationship. Shareholders are considered partners because the concern of shareholders must be put into consideration when resources of the companies are put to use. According to ANOC-OPCO, "the organization establishes and maintains processes for monitoring, controlling and reporting the effective allocation and efficient use of financial resources in accordance with the accounting guide.” There is a need to keep the organization’s shareholders properly briefed on the actions and direction being taken by the organization. As partners, shareholders have the right to say something about the management direction and the operation of the company.
Based on the information on ANCO-OPCO, it should be noted that the organization is conservative regarding its resources. Projects are evaluated based on structured and integrated approach. With the aid of this strategy, resources, both tangible and intangible, are properly utilized and maximized according to the mission and vision of the company. In a sense, investment on assets is based on the achievement of investment performance with the aid of proper alignment and development of projects relevant to the already established vision and mission of the organization.
Nonetheless, ANCO-OPCO is also conservative with its assessment of risks to properly manage financial resources. This is very important because ANCO-OPCO operates on a risky environment, in terms of safety and in terms of financial market. It has to maintain properly management of risk to avoid negative implications to the integrity and value of the company.
References
Dahl, D. (2011). How to Build Better Business Relationships. Retrieved from
Tosti, D. & Jackson, S. (2003). Organizational Alignment. IChangeWorld Consulting, LLC.
