All articles tagged with #adnoc
The UAE will fast-track the West-East Pipeline to double crude export capacity via Fujairah by 2027, directed by Abu Dhabi’s crown prince. The expansion strengthens the UAE’s ability to bypass the Strait of Hormuz, addressing vulnerability exposed by recent disruptions, and complements the existing Habshan-Fujairah line which already carries about 1.8 million barrels per day.
The UAE’s ADNOC reportedly moved at least 6 million barrels of Upper Zakum and Das crude through the Strait of Hormuz in April using four tankers with AIS transponders off, a ghost-fleet tactic to dodge Iran’s blockade; Iran retaliated by striking an empty ADNOC tanker, and ADNOC plans May loadings via ship-to-ship transfers, signaling the UAE remains active as other Gulf producers pull back, a pattern that could define oil flows for the near term.
An LNG tanker named Mubaraz carrying over 130,000 cubic meters of gas from the UAE became the first full gas tanker to exit the Strait of Hormuz since the Iran conflict began; its signal disappeared in March and reappeared west of India, now heading to Tianjin, China, and is managed by ADNOC’s subsidiary. Earlier in April an empty tanker crossed Hormuz, but more than a dozen gas tankers remain trapped in the Persian Gulf. Lloyd’s List data show a sharp drop in transits through the strait as tensions persist and Iran has threatened tolls and attacked vessels.
ADNOC CEO Sultan Al Jaber denounces Iran’s attacks on shipping in the Strait of Hormuz as ‘economic terrorism’ that hostage-holds the world, noting hundreds of missiles and more than 1,700 drones launched at the UAE since the conflict began and eight deaths with 161 injuries; with about 20% of global oil and LNG passing Hormuz, he says the key to stability is keeping the strait open, while several oil majors canceled in-person appearances at CERAWeek due to the war.
ADNOC chief Sultan al-Jaber called Iran’s attacks on the Strait of Hormuz an act of terrorism against every nation and urged that the waterway remain open, stressing that choking Hormuz would harm the global economy. His remarks come amid the Gulf crisis, energy‑supply tensions, and ongoing diplomatic signals between the U.S. and Iran.
Adnoc's XRG has canceled its $18.7 billion acquisition of Santos, marking a significant development in the energy sector amidst ongoing industry shifts.
ADNOC-led consortium has proposed an $18.7 billion all-cash takeover of Australian gas producer Santos, offering a 28% premium, aiming to expand its global LNG business amid regulatory hurdles and market uncertainties.
Abu Dhabi’s national oil company, through a consortium led by XRG, has bid approximately $19 billion to acquire Australian energy company Santos, offering a 28% premium per share amid ongoing market volatility and previous talks with other firms.
Australia's second-largest gas producer Santos has announced support for an $18.7 billion all-cash takeover bid led by Abu Dhabi's ADNOC, aiming to expand its global LNG business, though regulatory approval remains uncertain amid a significant share price jump and strategic asset interests in the Asia Pacific region.
Abu Dhabi National Oil Company (ADNOC), led by the president of the COP28 climate conference, is projected to spend over $1 billion per month on fossil fuels this decade, according to analysis by Global Witness. This amount is nearly seven times higher than its commitment to decarbonization projects. ADNOC disputes the analysis, stating that the assumptions made are inaccurate. The findings come ahead of the COP28 climate summit, where global leaders will discuss progress in the fight against the climate crisis. Critics argue that the dual role of ADNOC's CEO as the president of COP28 raises concerns about conflicts of interest.
The head of UAE's state-run oil giant, ADNOC, and incoming COP28 President, Sultan bin Ahmed Al Jaber, said that a phasedown of fossil fuels is inevitable, but the speed at which it happens depends on how quickly zero-carbon alternatives can be phased up while ensuring energy security, accessibility, and affordability. Despite this, ADNOC still aims to meet the UAE Net Zero by 2050 Strategic Initiative and increase crude oil output to 5 million bpd by 2030. There were concerns about a conflict of interest when Al Jaber was appointed as COP28 President, but a spokesperson defended his appointment, citing his experience in climate action.