Sheikh Khaled chairs Adnoc board meeting as company plans international expansion through XRG

This year marks 75 years since Abu Dhabi began oil and gas exploration with the drilling of a well at Ras Al Sadr

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, at the Adnoc board meeting. Photo: Abu Dhabi Media Office

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has led a meeting of the executive committee of Adnoc's board as the company seeks international expansion through new deals.

During the meeting, he reviewed Adnoc’s financial performance, the diversification of its revenue streams, the use of artificial intelligence and the execution of domestic growth projects, Abu Dhabi Media Office reported on Monday.

Sheikh Khaled also underlined the importance of Adnoc’s international expansion through its global energy investment arm, XRG. This will help the company remain “resilient and competitive, reinforcing its position to generate and maximise long-term value in a rapidly evolving global energy landscape”, the report said.

XRG was launched last year as a global lower-carbon energy and chemicals investment company, with an enterprise value exceeding $80 billion. The company plans to double its asset value over the next decade, capitalising on energy transition, AI advances and the rise of emerging economies.

Its chemicals platform aims to be among the top-five global players, producing and delivering chemical and speciality products to meet a projected 70 per cent increase in global demand by 2050, Adnoc said last year.

In July, Adnoc said it planned to transfer its 24.9 per cent stake in Austrian energy company OMV to XRG, as the Abu Dhabi company seeks to consolidate its global investments under the unit. XRG has this year also closed several international deals, including Arcius Energy, its joint venture with BP for upstream gas in Egypt, its stake in the Absheron gas and condensate field in Azerbaijan, and its participation in Offshore Block 1 in Turkmenistan.

Dr Sultan Al Jaber, Minister of Industry and Advanced Technology and Adnoc managing director and group chief executive, at the meeting. Photo: Abu Dhabi Media office

Adnoc is also building new revenue streams, expanding trading activities and exploring digital asset opportunities as it continues to maximise value from oil and gas production.

It has expanded its global trading footprint, recently opening a trading office in Geneva, Switzerland.

Sheikh Khaled noted that, in the five years since Adnoc’s trading businesses were launched, they have created “significant value for the country" and strengthened the role of the UAE and Abu Dhabi as global trading hubs. He also said Adnoc has enhanced the skills of UAE citizens in international commodity trading.

Sheikh Khaled gave directives to boost the use of AI to optimise trading operations, enhance operational efficiency and competitiveness and future-proof the company.

Adnoc’s acceleration of unconventional gas development in Abu Dhabi, including across the Ruwais Diyab field, and its ongoing de-risking of the emirate’s vast unconventional resources were also reviewed during the meeting.

Sheikh Khaled directed Adnoc to expand its work with international partners to unlock value from Abu Dhabi’s hydrocarbon resources in support of gas self-sufficiency and helping to meet growing global energy demand.

This year marks 75 years since Abu Dhabi first started oil and gas exploration with the drilling of a well at Ras Al Sadr. The milestone laid the foundation for the UAE capital to diversify its economy and Adnoc continues to harness the nation’s oil and gas resources responsibly to create lasting value, Sheikh Khaled noted.