ADNOC’s XRG acquires 38% stake in Turkmenistan’s offshore Block I natural gas field

ADNOC's planetary concern arm, XRG, has acquired a 38% involvement successful an offshore earthy state artifact successful Turkmenistan, marking a important measurement successful the company's planetary enlargement strategy, according to a study by Reuters.

This determination aligns with Abu Dhabi's broader nonsubjective to diversify its vigor portfolio and trim reliance connected lipid export revenues.

XRG, which specialises successful lower-carbon vigor and chemicals, was launched successful November past twelvemonth with an endeavor worth of much than $80bn (Dh293.8bn).

The company's mandate includes pursuing planetary deals successful chemicals, earthy state and renewables.

The involvement successful the Block I offshore artifact volition presumption XRG alongside Malaysia's Petronas, which holds a 57% interest, and Turkmen authorities institution Hazarnebit with 5%.

The partners person besides signed a semipermanent state income statement with Turkmengas and a accumulation sharing declaration with Turkmennebit.

The Caspian Sea artifact presently yields 400 cardinal cubic feet of earthy state per time and is estimated to incorporate much than 7 trillion cubic feet of state resources.

XRG highlighted the block's "significant semipermanent potential" and opportunities for aboriginal accumulation expansion.

In summation to the Turkmenistan venture, XRG finalised the instauration of Arcius Energy successful December, a joint venture (JV) acceptable to run successful Egypt.

With bp holding a 51% bulk involvement and XRG the remaining 49%, the JV represents a strategical determination for ADNOC to widen its planetary footprint. Arcius Energy's assets successful Egypt see the Shorouk concession, location to the producing Zohr field, operated by Belayim Petroleum.

Additionally, XRG finalised its acquisition of a 10% involvement successful the Area 4 concession successful Mozambique's Rovuma Basin from Galp successful March.

The deal, initially announced successful May 2024, signifies XRG's archetypal concern successful Mozambique, aligning with its strategy to grow its integrated state portfolio and enactment a modulation to sustainable energy.

The Rovuma Basin, recognised for its important state discoveries, provides XRG with an accidental to prosecute successful LNG projects that person a imaginable combined accumulation capableness exceeding 25 cardinal tonnes per annum.

The acquisition encompasses interests successful the operational Coral South FLNG (floating LNG), the upcoming Coral North FLNG and the onshore Rovuma LNG improvement projects.

"ADNOC’s XRG acquires 38% involvement successful Turkmenistan’s offshore Block I earthy state field" was primitively created and published by Offshore Technology, a GlobalData owned brand.