ADNOC's XRG acquires 38% stake in Turkmenistan's offshore Block I natural gas field
ADNOC's international investment arm, XRG, has acquired a 38% stake in an offshore natural gas block in Turkmenistan, marking a significant step in the company's global expansion strategy, according to a report by Reuters.
This move aligns with Abu Dhabi's broader objective to diversify its energy portfolio and reduce reliance on oil export revenues.
XRG, which specialises in lower-carbon energy and chemicals, was launched in November last year with an enterprise value of more than $80bn (Dh293.8bn).
The company's mandate includes pursuing international deals in chemicals, natural gas and renewables.
The stake in the Block I offshore block will position XRG alongside Malaysia's Petronas, which holds a 57% interest, and Turkmen state company Hazarnebit with 5%.
The partners have also signed a long-term gas sales agreement with Turkmengas and a production sharing contract with Turkmennebit.
The Caspian Sea block currently yields 400 million cubic feet of natural gas per day and is estimated to contain more than seven trillion cubic feet of gas resources.
XRG highlighted the block's "significant long-term potential" and opportunities for future production expansion.
In addition to the Turkmenistan venture, XRG finalised the creation of Arcius Energy in December, a joint venture (JV) set to operate in Egypt.
With bp holding a 51% majority stake and XRG the remaining 49%, the JV represents a strategic move for ADNOC to extend its international footprint. Arcius Energy's assets in Egypt include the Shorouk concession, home to the producing Zohr field, operated by Belayim Petroleum.
Additionally, XRG finalised its acquisition of a 10% stake in the Area 4 concession in Mozambique's Rovuma Basin from Galp in March.
The deal, initially announced in May 2024, signifies XRG's first investment in Mozambique, aligning with its strategy to expand its integrated gas portfolio and support a transition to sustainable energy.
The Rovuma Basin, recognised for its significant gas discoveries, provides XRG with an opportunity to engage in LNG projects that have a potential combined production capacity exceeding 25 million tonnes per annum.
The acquisition encompasses interests in the operational Coral South FLNG (floating LNG), the upcoming Coral North FLNG and the onshore Rovuma LNG development projects.
"ADNOC's XRG acquires 38% stake in Turkmenistan's offshore Block I natural gas field" was originally created and published by Offshore Technology, a GlobalData owned brand.
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