ADNOC gears up for global expansion

The state-owned company is working to find new revenue streams focused on its fossil fuel resources as well as opportunities in the renewable energies market.

Abu Dhabi National Oil Company (ADNOC) is seeking opportunities to expand its business across the globe. The United Arab Emirates (UAE) plan to step up their efforts in searching for new revenue streams for the state-owned company.

As reported by Reuters, the UAE plans to evolve the company into an international mobility firm. This is set to be achieved by leveraging its oil resources and diversifying its business by tapping into renewable energies.

ADNOC is reportedly seeking liquefied natural gas (LNG) assets in Africa alongside considering the acquisition of Galp's 10% stake in the Rovuma basin natural gas project off Mozambique’s coast.

"As part of our international growth strategy, we are focused on expanding our presence in renewables, gas, LNG and chemicals, and are actively pursuing select opportunities, while also investing in and growing our trading capabilities," stated an ADNOC spokesperson to Reuters’ inquiry.

As part of this initiative to focus on renewable energies, the company has recently doubled down its decarbonization efforts as part of the UAE’s strategic collaboration with the United States for Accelerating Clean Energy (PACE), launched in November 2022.