Abu Dhabi National Oil Company (ADNOC) is strategically expanding its operations on a global scale to transform into an international oil major. Like other Gulf nations such as Saudi Arabia and Qatar, the UAE aims to maximize its hydrocarbon revenues while diversifying its economy away from a heavy dependence on oil and gas.
ADNOC is actively exploring opportunities in renewable energy, gas, petrochemicals, and liquefied natural gas (LNG). Specific details about these opportunities were not disclosed, but sources suggest the company is looking into LNG assets in Africa and potentially acquiring Galp’s 10% stake in a multi-billion-dollar natural gas project in Mozambique’s Rovuma basin.
ADNOC has already made significant moves in 2023, including acquiring a stake in an Azerbaijani gas field, entering discussions with BP for a stake in Israeli gas producer NewMed Energy, pursuing takeover talks with German plastics manufacturer Covestro, and partnering with Austria’s OMV to create a $20 billion chemicals conglomerate. Additionally, the company is investing in energy trading.
ADNOC has transformed its approach, hiring over 3,370 employees this year, including senior managers from leading global energy firms, banks, and trading houses. This push has increased the company’s headcount by 13% this year and 25% over the past two years, bringing the total number of employees to over 40,000.
The UAE’s ADNOC is joining other national oil companies, such as Saudi Aramco and QatarEnergy, in diversifying and globalizing their operations as the energy industry undergoes significant changes with the transition to renewable energy sources. This transformation seeks to leverage hydrocarbon resources while pursuing alternative revenue streams to reduce dependence on oil and gas revenues.
