Latest news with #ADNOC
Al Etihad
6 hours ago
- Business
- Al Etihad
ADNOC expands its STEM Education Programme to empower UAE students in AI
31 May 2025 18:47 ABU DHABI (WAM)ADNOC has expanded its Science, Technology, Engineering and Mathematics (STEM) education programme to empower UAE students in artificial intelligence (AI) and advanced technology through an initiative called 'STEM for Life: Future of AI Schools Challenge' which held the finals today at the Abu Dhabi Energy attendance were Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO; Sarah bint Yousif Al Amiri, Minister of Education; Dr. Abdulla Humaid Al Jarwan, Chairman of the Abu Dhabi Department of Energy; Hajer Ahmed Mohamed Al Thehli, Secretary-General of the Education, Human Development and Community Council; Khalaf Abdulla Rahma Al Hammadi, Director-General of the Abu Dhabi Pension Fund, alongside senior ADNOC in January 2025, the Future of AI Schools Challenge received 14,500 applicants from 351 schools across the country, with 896 teachers helping students to design, build and pitch AI solutions that addressed one of three themes: creating real-world impact, demonstrating blue sky thinking or winning the hearts and minds of local communities. A total of 1,500 submissions were received, with 80 students in 27 teams selected to attend the the final, ADNOC and AIQ showcased how ENERGYai, the world's first agentic AI solution for the energy industry, can be deployed to improve decision making, unlock value and drive operational Al Falahi, Director, Group Business Support & Special Tasks at ADNOC, said: 'We warmly congratulate the winning teams of the Future of AI Schools Challenge for their innovative ideas, creativity and can-do mindset. Through our STEM education program, ADNOC is equipping the UAE's young talent with the skills and mindset needed to thrive in an AI-driven future."As we work to become the world's most AI-enabled energy company, we will continue to nurture the next generation of innovators who will harness the power of AI to drive progress for the UAE and unlock solutions to global challenges.' Winning teams pitched their projects to a jury which included members from the Ministry of Industry and Advanced Technology, Ministry of Education, Abu Dhabi Early Childhood Authority, ADNOC, Khalifa University, ADNOC Technology Academy, Dubai Institute of Design and Innovation, Microsoft and Neubio. Following an assessment by the jury, nine teams each were awarded the gold, silver and bronze positions respectively. Submissions featured impressive AI-powered solutions, including an automated greywater purification system, a mobile app, a personalized learning platform, and a smart farming Future of AI Schools Challenge aims to equip students with the skills needed for an evolving technology-driven future and harness the potential of AI to create value and solve real-life challenges. It is aligned with the UAE's vision to establish the country as a global AI leader by 2031 and supports the integration of AI into the UAE academic curriculum for the 2025–26 academic year. It also builds on ADNOC's corporate social responsibility program that aims to promote STEM education. Since it was launched 2018, ADNOC has empowered more than 351,000 young scientists, engineers and innovators.
Gulf Business
a day ago
- Business
- Gulf Business
SOFAZ invests $50m in ADNOC Gas Pipeline assets via Lunate-managed fund
Image: Supplied The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has invested $50m in ADNOC Gas Pipeline Assets (AGPA) through a specialised investment fund managed by Abu Dhabi-based alternative investment firm Lunate Capital, the parties said in a joint statement on Thursday. The transaction supports SOFAZ's strategy to diversify its portfolio and deepen economic engagement with the Gulf Cooperation Council (GCC), specifically by gaining exposure to resilient, income-generating infrastructure assets. ADNOC Gas Pipeline Assets holds usage rights over one of the UAE's most critical energy assets. ADNOC Gas Pipeline Assets investment holds strategic importance The network spans 982 kilometres and includes 38 pipelines — 12 dedicated to sales gas, 15 for gas injection, and 11 for natural gas liquids. It is governed by a long-term usage agreement with The asset has consistently delivered stable operational performance and predictable income, even during periods of global energy market volatility, according to the companies. 'AGPA stands out as a high-quality, strategically vital infrastructure platform with long-term relevance and strong income-generating potential,' said Farhad Zeynalov, CIO at SOFAZ. 'We are delighted with the opportunity to partner with Lunate on this transaction, which marks a significant step in advancing SOFAZ's investment footprint across the GCC region.' Nabeel Qadir, senior partner at Lunate, said: 'We are excited to provide SOFAZ the opportunity to invest in ADNOC Gas pipelines, a critical asset in the UAE's energy infrastructure, offering highly attractive, risk-adjusted returns. This transaction demonstrates Lunate's ability to deliver customised solutions for our clients and partners, through unique access to global and UAE-specific investment opportunities.' Read:
Economy ME
2 days ago
- Business
- Economy ME
ADNOC Drilling to acquire 70 percent stake in SLB's land drilling rigs business in Kuwait and Oman
ADNOC Drilling announced today that it has signed an agreement to acquire a 70 percent stake in SLB 's land drilling rigs business in Kuwait and Oman, comprising eight fully operational land rigs under contract with the respective national oil companies of both countries. 'This acquisition is a natural next step in ADNOC Drilling's growth journey and reinforces our position as one of the leading companies in drilling and integrated services,' stated Abdulrahman Abdulla Al Seiari, ADNOC Drilling CEO. The partnership with SLB will provide ADNOC Drilling with a solid operational and financial platform to further expand in the region, Al Seiari added. He explained that this business is well-established, profitable and operating with long-term contracts, making this a highly complementary and value-accretive addition to ADNOC Drilling's portfolio. 'Our focus is on disciplined expansion that drives performance, returns and growth,' he said. Company accelerates GCC expansion Through this partnership, ADNOC Drilling will gain immediate access to earnings, cash flow and returns through two operating land drilling rigs in Kuwait and six in Oman, accelerating its expansion into key GCC geographies. This acquisition will enhance the company's ability to deploy cutting-edge technologies, integrated drilling services, digital solutions and AI-driven efficiencies – optimizing performance, reducing environmental impact and driving value for customers across the region. 'This partnership reflects the strong collaboration between SLB and ADNOC Drilling, and our shared commitment to driving value through collaboration across the region. We are confident that, working together with ADNOC Drilling, the business will continue to grow and deliver outstanding performance for our customers,' stated Jesus Lamas, president, Middle East and North Africa, SLB. Read: ADNOC Drilling secures $1.15 billion long-term contract for new jack-up rigs Completion of transaction expected in Q1 2026 The formation of the joint venture (JV) and the acquisition of a 70 percent stake, along with the completion of this transaction, are subject to necessary and customary regulatory approvals, expected in Q1 2026. Upon closing, and subject to final assessment by the company's auditor, ADNOC Drilling expects to fully consolidate the newly acquired business in its financial reporting from 2026. 'We look forward to expanding our broader strategic partnerships with key regional leaders across the energy value chain, in line with SLB's focused regional growth strategy,' Lamas added.
CNA
2 days ago
- Business
- CNA
NextDecade, Japan's JERA sign 20-year LNG supply deal
U.S. liquefied natural gas producer NextDecade said on Thursday it has signed a 20-year deal to supply Japan's biggest power generator JERA with 2 million tonnes per annum (mtpa) of LNG from its Rio Grande project's fifth liquefaction facility. Shares of NextDecade were up 5.2 per cent at $8.08 in premarket trading. The United States is the world's largest exporter of LNG and had shipped 11.9 billion cubic feet per day of the supercooled fuel in 2024 and has gained further momentum following President Donald Trump's lifting in January of a moratorium on new export permits. NextDecade's deal with JERA is subject to a positive Final Investment Decision (FID) on the planned fifth liquefaction facility, or train. LNG developers typically take FIDs on projects when they have lined up enough supply deals to obtain the financing needed to build. NextDecade has been signing multiple LNG deals from the Brownsville, Texas facility, which is under construction and has a potential capacity of about 48 mtpa, to strengthen its position in the international market. The LNG producer has signed agreements with top oil producer Saudi Aramco and TotalEnergies to supply the superchilled gas, from the fourth liquefaction facility of the project, for 20 years. Last year, Abu Dhabi National Oil Company (ADNOC) said it had acquired a 11.7 per cent stake in phase 1 of NextDecade's LNG project, which included the first three liquefaction trains and agreed to a 20-year supply deal for the fourth train.
Zawya
2 days ago
- Business
- Zawya
ADNOC Drilling buys into SLB's Oman and Kuwait rig business
ADNOC Drilling will acquire a 70% stake in oil services firm SLB's onshore rig business in Oman and Kuwait for up to $112 million, creating a joint venture it seeks to double in the next year, its chief financial officer said on Thursday. The acquisition, expected to close in the first quarter of 2026, will give ADNOC Drilling - a unit of Abu Dhabi state oil major ADNOC - access to eight operational onshore drilling rigs, six in Oman and two in Kuwait. "So we have things in the pipeline that will potentially at least double that existing, initial eight rigs footprint," ADNOC Drilling CFO Youssef Salem told Reuters. ADNOC Drilling will pay $91 million for the stake, with another $21 million payout to SLB linked to business performance, Salem said. The current oil price and macroeconomic environment "put pressure on valuations and multiples globally ... and reduces the pool of potential buyers for such assets, generally, and hence presents a competitive advantage, especially for a cash buyer," he said. The transaction will be financed by drawing from a $1 billion revolving loan that ADNOC Drilling has with a group of regional and international banks. The loan matures in the fourth quarter and will be refinanced before then, Salem said. The deal will mark the first drilling operations outside the United Arab Emirates for the company, apart from a single rig in Jordan. ADNOC Drilling's focus will be on growing its scale in Oman and Kuwait, through acquisitions as well as tenders, while also evaluating expansion into other markets, Salem said. (Reporting by Yousef Saba; Editing by David Holmes)
