Adnoc sounds out banks for global expansion drive

Abu Dhabi National Oil Company (Adnoc) is reportedly reviewing a list of banks for financial advisory mandates as it seeks to expand globally.

The state-backed company has invited pitches from at least 10 investment banks for retained advisory roles covering strategic initiatives and potential transactions, Bloomberg reported, citing unidentified sources.

The review is part of Adnoc’s periodic assessment of its banking relationships, the report said.

In November 2024 Adnoc allocated $150 billion in capital expenditure for 2026-2030 to maintain its oil and gas operations.

XRG, Adnoc’s global investment arm, has accelerated its expansion. A deal last month with Argentina’s state oil company YPF saw it take a 32 percent stake in three upstream gas blocks in the South American country.

XRG was set up in November 2024. It aims to more than double its asset value over the next decade by capitalising on demand for low-carbon energy and chemicals.

Adnoc currently works with US-based Moelis & Company and PJT Partners, the report said, adding that the firms could still retain their roles following the review.

Adnoc, Moelis and PJT declined to comment, according to the report.

Further reading:

• Adnoc closes in on deal for Shell’s South African petrol stations
• Egypt seeks Adnoc backing for undeveloped gas discoveries
• XRG expands globally with stake in Argentine gas blocks