ADNOC inks series of deals with top US energy companies

ADNOC has finalized a series of agreements with major US energy companies, opening the door to highly anticipated investments of up to USD 60 billion in UAE energy projects. The deals, announced during high-level talks attended by US President Donald Trump has been instrumental in underpinning the growing energy collaboration between the UAE and the US.

Key among these collaborations is a field development plan with ExxonMobil and INPEX/JODCO aimed at increasing production at the Upper Zakum offshore field. The initiative will employ artificial intelligence to optimize production while integrating with the UAE’s clean energy grid, reducing carbon emissions.

Additionally, ADNOC has reached an agreement with Occidental to expand production at the Shah Gas field, increasing capacity from 1.45 billion standard cubic feet per day (bscf/d) to 1.85 bscf/d. This expansion will support domestic industrial growth and provide potential LNG export opportunities.

UAE investments in the US energy sector are expected to reach USD 440 billion by 2035, part of a broader USD 1.4 trillion investment strategy in the US economy. Sultan Al Jaber, ADNOC Group CEO, emphasized the importance of these partnerships in strengthening energy security and advancing technological innovation.

Furthermore, XRG (An Abu Dhabi-based energy investment company, wholly owned by ADNOC) has entered into a framework agreement with Occidental’s subsidiary 1PointFive to invest in a direct air capture facility in Texas. The project aims to remove up to 500,000 tons of CO2 annually, with XRG potentially contributing up to one-third of the total development costs.

In a notable move, ADNOC has also secured the first unconventional oil exploration concession in the Al Dhafra region for a US company, awarding it to EOG Resources. ADNOC will support exploration efforts and could participate in future production.