UAE’s Adnoc explored acquiring BP

Abu Dhabi National Oil Company (Adnoc) explored the possibility of acquiring British oil major BP but abandoned the plan as it did not fit into its strategic growth objectives, a media report said. 

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style="background-color: white; box-sizing: inherit; color: #333333; font-family: Jost, sans-serif; font-size: 1.125rem; line-height: 1.55556; margin: 1.25rem 0px;">The talks did not advance beyond the initial stages, Reuters reported, citing informed sources. 

The UAE state oil company also sought advice from investment banks on a potential deal or buying a significant stake in BP, the report said.

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style="background-color: white; box-sizing: inherit; color: #333333; font-family: Jost, sans-serif; font-size: 1.125rem; line-height: 1.55556; margin: 1.25rem 0px;">Last month the two oil companies suspended the proposed $2 billion bid to buy a major stake in Israel’s NewMed Energy as a result of the ongoing conflict in Gaza.

In May 2023, BP chief financial officer Murray Auchincloss said the company was planning to transfer assets into a joint venture with Adnoc, focusing on developing new gas resources in the East Mediterranean.

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style="background-color: white; box-sizing: inherit; color: #333333; font-family: Jost, sans-serif; font-size: 1.125rem; line-height: 1.55556; margin: 1.25rem 0px;">At the same time, BP was said to be joining Adnoc in evaluating a new blue hydrogen project in Abu Dhabi. 

In November 2022 the Adnoc board approved plans to bring forward the company’s five million barrels per day oil production capacity expansion to 2027 from a previous target of 2030.

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style="background-color: white; box-sizing: inherit; color: #333333; font-family: Jost, sans-serif; font-size: 1.125rem; line-height: 1.55556; margin: 1.25rem 0px;">Last July Adnoc brought forward its deadline to reach net-zero carbon emissions by five years to 2045, citing its “industry-leading” progress on targets to date as the reason for the change. 

In addition, the company set a target of eliminating methane emissions from its activities by 2030.