It aims to maximise earnings through resource utilisation in renewables, gas, LNG, and chemicals.
Adnoc’s transformation aligns with changes in Saudi Arabia and Qatar’s state-owned energy giants, moving beyond oil and gas production.
Two people with knowledge of the matter said the company was on the hunt for LNG assets in Africa and was considering buying Galp’s 10% stake in a multi-billion-dollar natural gas project in the Rovuma basin off the coast of Mozambique.Adnoc has already been busy on the deal front this year.
The board brought forward to 2027 plans to up production capacity to 5 million barrels per day and also approved a five-year business plan and capital spending of US$150 billion. Now, as the transition to renewable energy accelerates, the timeline is shortening for these so-called national oil companies to monetise their reserves and they are also doubling-down on opportunities further afield.
He reports to Musabbeh Al Kaabi, Adnoc’s low carbon solutions and international growth chief, also a new hire who came on board in January. Emirati Al Kaabi also chairs Mubadala Energy and is on the boards of several state-linked firms. The UAE firm was looking to buy energy trader Gunvor Group last year but talks fell apart because Adnoc wanted a controlling stake and Gunvor’s shareholder only wanted to cede a minority, sources familiar with the matter have said.
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