The UAE is refashioning the state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state.
Like Gulf neighbours Saudi Arabia and Qatar, the UAE wants to exploit its fossil fuel resources while there is still a strong demand for oil and gas and to spend the revenue on diversifying its economy to lessen its dependence on hydrocarbons.
As part of this strategy, ADNOC told Reuters it was actively pursuing select opportunities in the areas of renewable energy, gas, petrochemicals and liquefied natural gas (LNG), without giving details of any specific targets.
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 per cent stake in a multi-billion-dollar natural gas project in the Rovuma basin off the coast of Mozambique.