It has long been evident that with Adnoc beginning to pursue international gas acreage, an agreement to take over upstream compatriot Mubadala Energy or its assets would one day take place (MEES, 31 March 2023). Mubadala Energy’s portfolio is heavily weighted towards gas, further boosting the alignment with fellow Abu Dhabi state firm Adnoc, while Adnoc’s entry into Egypt (see MEES, 21 March) means that both firms hold stakes in the Eni-operated Zohr gas field.
Moreover, parent company Mubadala has been reducing its energy sector exposure in recent years, offloading stakes in Austria’s OMV and the Borealis petrochemical JV to Adnoc in 2022. Earlier this month, Mubadala agreed to transfer Nova Chemicals to a newly formed OMV/Adnoc petrochemicals venture (MEES, 7 March). (CONTINUED - 204 WORDS)
