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Adnoc

Oil & Gas

Latest Adnoc DevelopmentsAI Insights

Adnoc awarded a contract for three island oil rigs to Adnoc Drilling, valued at $806 million, to expand its operations at the offshore Zakum project. The rigs, developed in collaboration with China's Honghua Group, will join the fleet between 2027 and 2028 and operate on both existing and new artificial islands1.

Adnoc Gas plans a final investment decision on the Rich Gas Development project around mid-year. The company ruled out delays in its $15 billion capital expenditure plan despite two developments awaiting final investment decisions. Its first-quarter net profit increased by 7 percent year on year to $1.3 billion2.

Adnoc holds a 54 percent stake in Borouge, which aims to expand its annual polyolefins production capacity to over 6.6 million tonnes by 2028. Borouge awarded contracts to Linde Engineering and Target Engineering Construction for capacity enhancements3.

Adnoc signed liquefied natural gas supply agreements with ENN Natural Gas and Zhenhua Oil. ENN agreed to an annual supply of 1 million tonnes for 15 years, while Zhenhua secured a five-year deal for up to 12 cargoes annually4.

A new agreement under discussion may involve Adnoc processing and marketing refined products from a Fujairah refinery project with Montfort Group. The facility will use crude and fuel oil as feedstock5.

Adnoc Overview

Abu Dhabi National Oil Company – Adnoc – is the state-owned oil company of the United Arab Emirates.

Founded in 1971, Adnoc is the world’s 12th largest oil company by production, producing around 4.85 million barrels capacity of oil each day from its Ruwais and Umm Al Nar refineries.

It develops both onshore and offshore gas fields, with access to a total daily gas processing capacity of over 10 billion standard cubic feet.

Adnoc operates across the energy value chain via a range of companies including Adnoc Drilling, Adnoc Distribution, Adnoc LNG and Adnoc Gas Processing and including exploration and production, processing and refining, and marketing and distribution.

It received significant investments in 2019 from US asset managers BlackRock and KKR, Italian investment firm Eni and Singapore’s sovereign wealth fund GIC.

In September 2020 Adnoc completed a $1 billion placement of shares for its fuel and convenience retailer Adnoc Distribution, the largest block placement of a publicly listed GCC company following its 2017 IPO. Adnoc still owns 80 percent of the company.

This was followed by Adnoc Drilling going public on ADX in October 2021 and then Adnoc Trading, its gas processing and marketing company, being publicly listed on ADX in March 2023.

Then in September 2024 Adnoc launched its first-ever bond sale, raising $4 billion through its wholly-owned primary debt capital market funding vehicle, Adnoc Murban.

Adnoc aims to get to zero methane emissions by 2030 and net zero emissions by 2045 by investing in green energy and decarbonisation technologies.

Adnoc News

President Trump struck numerous deals over his three days in the Gulf

The multi-trillion dollar deals agreed on Trump’s trip

During his trip to the Gulf region from May 13 to 16, US president Donald Trump visited Saudi Arabia, Qatar and the UAE and announced a series of deals across a number of sectors, which, according to the White House, added up to nearly $2.5 trillion. Artificial intelligence Saudi Arabia’s newly-established AI developer Humain said […]

US and UAE energy: President Donald Trump and Crown Prince of Abu Dhabi Sheikh Khaled bin Mohamed bin Zayed Al Nahyan attend a business forum at Qasr Al Watan during the final stop of his Gulf visit, in Abu Dhabi, United Arab Emirates

Adnoc says UAE and US to invest $440bn in energy

The UAE and US will spend a combined total of $440 billion in the energy sector by 2035, the head of Abu Dhabi National Oil Company (Adnoc) has said. The US is expected to invest $60 billion in UAE energy projects, a panel at the UAE-US economic dialogue said during US President Donald Trump’s visit […]

The European Commission headquarters in Brussels. Adnoc will need to meet EC rules for its purchase of Covestro

Adnoc seeks EU approval for Covestro deal

Abu Dhabi state oil company Adnoc on Thursday sought EU approval under the bloc’s foreign subsidies rules for its €14.7 billion ($16.4 billion) acquisition of German chemicals company Covestro, according to a filing on the European Commission site. Adnoc, which last week won the green light under EU merger rules for the deal, is making its biggest […]

A tanker unloads LNG at a facility in Japan's Ishikari Bay. The Asian country is keen to diversify its suppliers of gas

Qatar risks losing out to US in Japan LNG sales

Liquefied natural gas customers in Japan may be turning away from Qatar for their additional needs in favour of the US. American suppliers offer more flexible contractual terms and are adding production capacity, a Japanese government energy official said. “Qatar is very strict,” said Yarita Masataka, director of the LNG and methane management division at […]

XRG and Petronas have signed a long-term gas sales agreement with state-run Turkmengas

Abu Dhabi’s XRG buys stake in Turkmenistan gas block

XRG, the low-carbon energy and chemicals investment arm of Abu Dhabi National Oil Company (Adnoc), has entered the Central Asian market with an investment in Turkmenistan’s gas and condensate fields. XRG will hold a 38 percent stake in the offshore “Block I” concession, the company said in a statement. Malaysian state-owned oil company Petronas and Turkmenistan state […]

Outdoors, Nature, Countryside

Fertiglobe revenue rises by a quarter but profit down

Fertiglobe said revenues surged more than a quarter in the first three months of 2025, thanks to higher sales volumes and urea prices. The first quarter top line rose 26 percent year on year to $695 million. However, net profit attributable fell 24 percent annually to $73 million but rose 74 percent quarter on quarter, […]

The Wengfu acquisition will allow Fertiglobe to expand in vital sectors and diversify its global footprint

Fertiglobe buys Australia’s Wengfu fertiliser company

Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, is to acquire Wengfu’s fertiliser distribution business assets in Australia. The final value of the deal will be determined at closing, subject to regulatory approvals, the company said in a statement to the Abu Dhabi bourse on Monday. Wengfu Australia Pty […]

Revenues from the Adnoc L&S shipping segment increased 87 percent to $469 million from Q1 2024

Lower shipping rates hit Adnoc L&S earnings

Adnoc Logistics and Services (Adnoc L&S) said earnings were reduced due to lower commercial shipping rates, despite revenues rising by nearly half in the first quarter of 2025. Net profit fell 5 percent year on year to $185 million (AED678 million) for the three months ending March 31, 2025, the company said in a statement […]

Abu Dhabi's Helm cluster will be a key area of focus for the San Francisco office

ADIO expands US office in health sector push

The state-backed Abu Dhabi Investment Office (ADIO), which aims to attract inward investment into the UAE capital, is expanding its US operations to secure new funds for the local health sector. The expansion of the San Francisco office will support Abu Dhabi’s clinical validation and regulatory advancement in the healthcare and other priority sectors, state-run […]

Revenue from Adnoc Drilling's offshore segment increased 2 percent annually to $334 million

Adnoc Drilling to pay quarterly dividends

Adnoc Drilling, a subsidiary of state-backed oil major Adnoc, will begin paying quarterly dividends, starting with $217 million for the first quarter of 2025. This comes as the company reported a 24 percent year-on-year jump in net profit to $341 million during the quarter ended March 2025. Revenues surged 32 percent yearly to $1.2 billion, […]

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