Adnoc eyes USD 9 bn US natural gas bid: Abu Dhabi National Oil Company (Adnoc) is mulling a bid for the natural gas assets of US oil and gas owner-operator Aethon Energy Management in a transaction that could be worth as much as USD 9 bn, sources familiar with the matter told Bloomberg on Friday. The parties are in early-stage talks, with Adnoc now working with advisors on the transaction.

Adnoc is not alone: The energy giant is reportedly among other prospective buyers who are eyeing Aethon’s nat gas and midstream holdings, which are concentrated in oil-rich Texas and Louisiana.

Adnoc has had increasing appetite for US assets as of late: The oil-producing giant has reportedly been planning on acquiring natural gas producing fields in the US to improve its supply of fuel and raw materials for stateside chemical and LNG export terminals. The move would allow the firm to capitalize on local price hikes and decrease its reliance on fuel purchases. Its new investment arm, XRG, was also set to make a “very large and significant investment” in the US, Adnoc CEO Sultan Al Jaber said at CERA week in Houston.

REMEMBER- Adnoc acquired an 11.7% stake in the first phase of sustainable LNG producer NextDecade's USD 18 bn Rio Grande LNG export facility in Texas back in May 2024. It also took on a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Texas, which it later transferred to its ammonia arm Fertiglobe. Plus: Adnoc and Austria’s OMV agreed to merge their polyolefins businesses, creating a USD 60 bn global polyolefins JV and acquiring Nova Chemicals, which has facilities on the US Gulf coast. The company’s USD 80 bn lower-carbon energy and chemicals firm XRG is set to assume ownership of Adnoc’s shares in all US facilities.

…as have other UAE investors: Mubadala Energy — a unit of Abu Dhabi sovereign wealth fund Mubadala — just last week bought a 24.1% stake in SoTex Holdco, the natural gas assets management arm of US-based Kimmeridge Energy.

UAE-US energy relations could strengthen even further: The UAE and the US are eyeing more cooperation on energy over the next five years, US Energy Secretary Chris Wright said during his visit to Adnoc’s headquarters this month.

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