Adnoc to transfer OMV shares to its international investment arm
The transfer is subject to regulatory approvals and is 'aligned with Adnoc's strategy to consolidate its international growth investments under XRG,' Adnoc said in a statement on Wednesday.
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Yemen Online
16-07-2025
- Yemen Online
Adnoc to transfer OMV shares to its international investment arm
Abu Dhabi National Oil Company (Adnoc) is set to transfer its 24.9% shareholding in Austrian energy player OMV to XRG, Adnoc's wholly owned international investment company. The transfer is subject to regulatory approvals and is 'aligned with Adnoc's strategy to consolidate its international growth investments under XRG,' Adnoc said in a statement on Wednesday.
Yemen Online
17-04-2025
- Yemen Online
ADNOC Drilling secures $1.63bn drilling services contract
The five-year contract encompasses services including directional drilling, drilling fluids, cementing, wireline logging and tubular running. ADNOC Drilling has been awarded a $1.63bn (Dh5.99bn) contract by ADNOC Offshore to provide integrated drilling services (IDS). The five-year contract encompasses a suite of services including directional drilling, drilling fluids, cementing, wireline logging and tubular running. The provision of these services is aimed at delivering extended reach and maximum reservoir wells offshore. ADNOC Drilling CEO Abdulrahman Abdulla Al Seiari said: 'We are immensely proud to secure this considerable award, which not only validates our strategic direction but also demonstrates the confidence ADNOC Offshore places in our capabilities. Our IDS offering delivers superior value and innovation, enabling us to play a pivotal role in reshaping the future of energy services in the region. 'This milestone underscores our commitment to operational excellence, and positions ADNOC Drilling as the partner of choice in an increasingly dynamic and complex energy landscape. 'This five-year award is a strong reflection of ADNOC Drilling's long-term contracting model, which provides revenue visibility and stability over the contract period. It aligns with our disciplined approach to building a resilient business foundation, capable of generating consistent cash flow and supporting sustainable shareholder returns through the cycle.' This strategic award is expected to support the burgeoning oilfield services segment and has already been factored into the company's financial guidance for 2025 and 2026. ADNOC will also provide Osaka Gas with up to 800,000 tonnes per annum of lower-carbon liquefied natural gas (LNG) from its Ruwais LNG project. ADNOC Offshore CEO Tayba Al Hashemi added: 'ADNOC Drilling is a key enabler on our accelerated journey to responsibly meet the world's growing energy needs. This contract gives us access to their cutting-edge capabilities and market-leading end-to-end services, which will maximise efficiency and generate significant value for our shareholders and the UAE [United Arab Emirates].'
Yemen Online
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- Yemen Online
CERAWEEK 'Make energy great again' says UAE's ADNOC CEO, pledging US gas investment
The international investment arm of United Arab Emirates state oil company ADNOC will make a significant investment in U.S. natural gas starting in the coming months, ADNOC CEO Sultan Al Jaber said on Tuesday. The UAE is a member of the OPEC+ producer group and one of the world's top oil producers. ADNOC's wholly-owned international investment arm XRG has about $80 billion in assets and Reuters reported last week the UAE was considering options for an XRG IPO. "It is time to make energy great again," he told the world's largest annual gathering of energy executives in Houston, mirroring the Make America Great Again slogan of U.S. President Donald Trump. "Over the next few months and foreseeable future you will see very large and significant investment by XRG in the United States," he said. XRG would invest throughout the gas supply chain, from exploration and development through distribution, and wanted to be a one-stop shop for gas, he said. Trump has reversed some of the energy policies of his predecessor Joe Biden as he overhauls government in the early weeks of his presidency. Trump has exhorted the industry to maximise production, although under Biden there were few checks on production and oil and gas output hit record levels. Trump ordered the withdrawal of the United States from the United Nations' Paris Climate Agreement in January, removing the world's biggest historic emitter from global efforts to fight climate change for the second time in a decade. Jaber said it was time for pragmatic energy policy and actions as the world needs all forms of energy supply to meet rising demand. Oil demand would reach 109 million barrels per day (bpd) by 2035, up from 103 million bpd now, he said. Global power demand would rise 70% to 15,000 gigawatts from 9,000 GW, he said. The race for supremacy in artificial intelligence worldwide was essentially an energy play, he said, due to the huge power demand needed for data processing. XRG was designed to help meet the fast-growing demand of energy for AI, he added. Jaber presided over the UN's COP-28 climate talks in December 2023, which took place in the UAE. The appointment of an oil industry chief executive to manage talks to combat climate change was controversial. Emissions from fossil fuel use have caused global warming. Jaber said he had wanted to inject realism and pragmatism into climate change talks when he took on that mandate.
