ADNOC deepens energy partnerships with US Companies
Strategic agreements announced during UAE-US business dialogue with President Trump will potentially enable $60 billion of US investments in UAE energy projects
US is top priority market for XRG and the company is set to boost investments across energy value chain focusing on expanding gas, LNG, specialty chemicals and energy infrastructure
Enterprise value of UAE energy investments into the US set to reach $440 billion by 2035
Agreements include development plan with ExxonMobil to expand the capacity of UAE's Upper Zakum field, and with Occidental to explore increasing Shah Gas field's capacity to 1.85 bscfd
New unconventional oil exploration concession awarded to US-based EOG, underscoring Abu Dhabi's position as a trusted investment destination
Abu Dhabi, UAE: ADNOC today announced multiple agreements with United States (US) energy majors during the United Arab Emirates (UAE)-US business dialogue with US President Donald J. Trump. The agreements will potentially enable $60 billion of US investments in UAE energy projects across the lifespan of the projects.
The agreements include a landmark field development plan with ExxonMobil and INPEX/JODCO to expand the capacity of Abu Dhabi's Upper Zakum offshore field through a phased development. ADNOC also signed a strategic collaboration agreement with Occidental to explore increasing the production capacity of Shah Gas field's capacity to 1.85 billion standard cubic feet per day (bscfd) of natural gas, from 1.45 bscfd, and accelerating the deployment of advanced technologies in the field.
The agreements reinforce the shared commitment of the UAE and US to maintaining global energy security and the stability of energy markets. The enterprise value of UAE energy investments into the US is set to reach $440 billion by 2035, as part of the UAE's $1.4 trillion investment plan into the country.
H.E. Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, said: 'The deep-rooted bilateral relationship between the UAE and the US is underpinned by our shared commitment to enabling energy abundance and we are reinforcing this commitment through these agreements with US energy majors. We see significant opportunities for further UAE-US partnerships across the energy-AI nexus and we look forward to working with our American partners to unlock long-term sustainable value and drive socioeconomic progress.'
The US is a top priority market for XRG, ADNOC's global energy investment company, and the company is set to boost investments across the American energy value chain focusing on expanding gas, LNG, specialty chemicals and energy infrastructure.
Building on its ambitious investment plans for the US, XRG signed a framework agreement with Occidental subsidiary 1PointFive to evaluate a potential investment in a direct air capture (DAC) project in Kleberg County, Texas. The facility would remove up to 500,000 tons of CO₂ per year using commercial-scale DAC technology, with XRG considering a capital commitment of up to one-third of the project's total development cost.
Abu Dhabi's Supreme Council for Financial and Economic Affairs (SCFEA) also granted a new unconventional oil exploration concession to EOG Resources Inc. (EOG), a leading US-based hydrocarbon exploration and production company. The award for Unconventional Onshore Block 3, which covers a 3,609 square kilometer area within the Al Dhafra region of Abu Dhabi, is the first award of its kind to a US company and underlines the attractiveness of Abu Dhabi's energy sector and its position as a trusted investment destination. ADNOC will oversee and assist with exploration activities in the concession and has the option to join a subsequent production concession.
The phased field development plan for Upper Zakum will leverage AI and industry-leading technologies and the deep expertise and strong partnership between ADNOC, ExxonMobil and INPEX/JODCO to sustainably grow production capacity and help meet rising global demand with industry leading low-carbon intensity barrels. Upper Zakum is part of the Zakum field which is the world's second largest offshore field.
The plan will upgrade the Upper Zakum's infrastructure to include AI-enabled remote operations, receive power from the UAE's clean energy grid to reduce emissions, and enable the use of artificial islands for drilling activities to enhance environmental protection. Upper Zakum field is located 84 kilometers northwest of Abu Dhabi.
Shah Gas field is one of the world's largest of its kind and is located 180 kilometers southwest of Abu Dhabi. The potential expansion of the facility will provide more gas for domestic industrial growth and liquefied natural gas (LNG) for export.
About ADNOC
ADNOC is a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi. ADNOC's objective is to maximize the value of the Emirate's vast hydrocarbon reserves through responsible and sustainable exploration and production to support the United Arab Emirates' economic growth and diversification.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Business
an hour ago
- Gulf Business
Huda Kattan reclaims ownership of Huda Beauty, buys back TSG stake
Image: Supplied TSG had acquired a minority stake in the Dubai-based company in 2017. With the repurchase, Kattan resumes full ownership of the brand she launched in 2013 with a $6,000 loan from her sister. The move places Huda Beauty among a small number of fully founder-owned beauty companies in the global market. 'Taking back full ownership of Huda Beauty is a deeply important moment for me,' Kattan said in a statement. 'This brand was built on passion, creativity, and a desire to challenge the beauty industry.' Huda Beauty plans new product launches Kattan, who serves as founder and Co-CEO, will now lead the company alongside her husband, Christopher Goncalo, who is co-CEO, and sister Alya Kattan, who oversees social strategy. Known for viral product drops and a digital-first strategy, Huda Beauty has become a powerhouse brand in the cosmetics industry, particularly in the Middle East and North America. The company's Instagram account is the most-followed beauty brand globally, with nearly 57 million followers, and its founder has gained global acclaim as a leading entrepreneur and influencer. The brand's philosophy, 'Beauty is Self-Made', has underpinned its appeal to a diverse global audience, with a focus on inclusivity, transparency and authenticity. Under Kattan's leadership, the company has phased out Photoshop and filters on social platforms, and championed realistic beauty standards. Kattan, a former makeup artist and beauty blogger, launched the company with a line of false eyelashes that quickly became a bestseller at Sephora Dubai Mall. The brand now offers a wide range of cult products, including the popular Easy Routine line, and is known for boundary-pushing content, tutorials and advocacy. The shift to full independence comes as Huda Beauty plans new product launches and continues to prioritise deeper engagement with its global community. Kattan recently launched a new podcast, Huda Hotline , offering unfiltered conversations about beauty, entrepreneurship and self-discovery. The terms of the buyback deal were not disclosed. Read:
The National
4 hours ago
- The National
Iranian Foreign Minister in Beirut to 'open new chapter' with Lebanon
Iranian Foreign Minister Abbas Araghchi is in Beirut to meet top Lebanese officials andhopes 'to open a new chapter in relations' with Lebanon as it begins the process of disarming non-state actors and strengthening its national army. The visit, part of Mr Araghchi's tour of the region, comes amid calls for Tehran's strongest proxy group Hezbollah to disarm in Lebanon - an indication of Iran's uncertain regional footing. Mr Araghchi met Lebanese President Joseph Aoun, Prime Minister Nawaf Salam and Parliament Speaker Nabih Berri. The Iranian minister's first meeting was with Lebanese Foreign Minister Youssef Rajji, who is perhaps the strongest critic of Hezbollah in the new Lebanese government and was nominated for his position by the Lebanese Forces – parliament's largest party and an opponent of the Iran-backed group. "They had an absolutely frank meeting," according to a Foreign Ministry source who did not wish to be identified. "They discussed Hezbollah weapons, the negotiations between Iran and the US, rebuilding, south Lebanon, and the issue of respecting Lebanon's sovereignty," the source added. The Iranian FM was receptive to Mr Rajji's concerns and "listened very well." The Lebanese Foreign Minister's office said Mr Rajji emphasised the importance of securing support for Lebanon's reconstruction and economic recovery "exclusively through the Lebanese government and official institutions." The Iranian Foreign Minister said Iranian companies were ready to help with reconstruction efforts if the Lebanese government requested it. Iran, through Hezbollah, has donated money to cover a year's rent and loss of possessions for those who lost their homes during the war with Israel. A source close to Hezbollah said the visit was focused solely on Iran-Lebanon relations. They said Mr Araghchi's visit had nothing to do with negotiations over Iran's nuclear programme. "Iran's role in reconstruction hasn't changed; from the moment the ceasefire took effect, Tehran expressed to the Lebanese government its readiness to actively contribute to whatever Lebanon needs," the source said. "Iran's relationship with Hezbollah is not up for question or debate. It is a historical bond and is treated as such. It has always stood on the side of Lebanon's strength and resilience," they added. On the nuclear issue, Mr Araghchi said a new US proposal submitted via Oman threw up "many ambiguities and questions". Throughout the day, Lebanese officials and the Iranian Foreign Minister repeatedly stressed a desire for a relationship based on mutual respect and non-interference in each other's relations. Lebanon's Foreign Ministry summoned Iran's ambassador to Beirut in April over suggestions that plans to disarm Hezbollah were a "conspiracy". Lebanon faces reconstruction and recovery needs of more than $11 billion, according to a World Bank report published earlier this year. But who will foot that bill remains unclear, with the country bankrupt and the international community weary. Mr Aragchi had earlier been received on arrival on Tuesday by a representative of Mr Berri and two Hezbollah MPs. The Iranian minister will also probably meet officials from Hezbollah, the Lebanese armed group and political party. The whereabouts of its new leader Naim Qassem, who regularly gives televised speeches from an undisclosed location, are unclear. Mr Araghchi last visited Beirut in February to attend the funeral of Hassan Nasrallah, the long-time Hezbollah leader who was assassinated last year in an Israeli bombing on the Lebanese capital. Iranian support had been instrumental in Hezbollah turning into the region's most powerful non-state armed group. But its war with Israel last year has seen Hezbollah's power significantly weakened, although it still remains a critical Lebanese actor. Along with the killing of Mr Nasrallah, almost all of Hezbollah's senior leadership has been wiped out as well as its largest missiles. Lebanon is under pressure from many in the international community, as well as some inside the country, to disarm Hezbollah. President Aoun has said he wants all arms under the control of the state as soon as possible, but insists this must be done through mediation and not force. Mr Araghchi is travelling from Cairo, where he had said Iran is 'ready to provide assurances' that its nuclear programme is peaceful, as Tehran and Washington seek to reach a deal on the issue.
The National
4 hours ago
- The National
Steve Witkoff must testify about 'secret side deal' with Iran, top Democrat says
A leading US senator on Tuesday said special Middle East envoy Steve Witkoff must appear before Congress to face questions about whether the Trump administration is trying to cut a 'secret side deal' with Iran. Mr Witkoff, Secretary of State Marco Rubio and President Donald Trump have repeatedly said Iran will not be allowed to enrich any uranium as part of continuing nuclear talks, including for civilian purposes. But reports by The New York Times and Axios contradict this. They say Washington and Tehran are working on a solution in which Iran could enrich uranium at low levels for civilian use until the US and other nations formulate a larger plan that stops its progress towards a nuclear bomb. 'Steve Witkoff must testify before Congress,' Senator Chuck Schumer, the top Democrat in the Senate, said on X. 'Is there a secret side deal that will allow Iran to continue enriching uranium and empowers Iran's nefarious activity or not?' Whether Mr Witkoff testifies is up to Republicans, who control the US Senate and House of Representatives. The reports also say the proposal suggests the formation of a regional consortium to produce nuclear power, which could include Saudi Arabia and other nations. In a separate video message, Mr Schumer accused Mr Trump of 'folding' to Iran's demands. 'What kind of bull is this? You're going to sound tough in public and then have a secret side eal that let's Iran get away with everything. That's outrageous.' The purported agreement would allow for Iran and the US to find a way past red lines both countries have drawn. Mr Trump has said Iran will not be allowed to enrich 'any' uranium, while Iran has said that its ability to enrich uranium is non-negotiable. When asked about a side deal, State Department spokeswoman Tammy Bruce declined to comment on any negotiations. 'What I can say, though, of course, is that the maximum-pressure campaign on Iran remains in full force,' she told reporters. The Wall Street Journal reported on Sunday that a directive came down last week from White House press secretary Karoline Leavitt to pause all new sanctions activity towards Iran.
