ADNOC has been directed to expand both beyond its own borders and beyond hydrocarbons, and with plenty of financial backing you can expect some big moves in the near future.
Abu Dhabi National Oil Company
holds an investment budget of around $150 billion over 5 years to acquire international assets, with a particular focus on oil and gas production. At present, with the company looking at Absheron Azerbaijan, NewMed Energy, and Covestro, there is still a vast budget available. Taking into account the increase of crude oil prices globally, and still very high natural gas/LNG prices long-term, that budget could be increased even further.
. Both parties have already indicated their intent to expand cooperation further. Considering the new bid rounds just issued by Egypt, it can be expected that ’s green hydrogen and green ammonia projects. A potential downstream acquisition in Europe is a real possibility, with likely targets in the Netherlands Rotterdam, Amsterdam or even Germany. While
’s leader Sultan Al Jabr leading COP28,
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