In November 1977, Sheikh Zayed Bin Sultan Al Nahyan, promulgated Law No.9 for 1977 incorporating Zakum Development Company (ZADCO) to develop and operate the Upper Zakum field. Currently, Zakum Development Company (ZADCO) has three major shareholders, Abu Dhabi National Oil Company (ADNOC) with 60% share, ExxonMobil with 28% share, and Japan Oil Development Company limited (JODCO) with 12% share
The development of the Upper Zakum reservoir is considered as one of the major technical achievements in Abu Dhabi. As a result to ZADCO’s continuous efforts exerted during the early years, the first shipment of Upper Zakum crude oil was exported on the tanker “Al-Ain” on 24th May 1983 marking a significant achievement in the company’s progress.
In April 1988, ADNOC decided to merge the operations of Umm Al Dalkh Development Company (UDECO), which was established in 1978, with ZADCO’s operations in order to rationalize operations, avoid duplication of functions and reduce cost. ZADCO Management has taken major steps in this respect, which resulted in the physical merger of the two companies.
In May 2000, a new structure for ZADCO based on Performance Driven Organization was achieved. An Assets-based-Organization which has in many areas changed the ways business has been run for more than two decades, redefined priorities, eliminated unnecessary hierarchy and introduced accountability for meeting targets.