Oil & Gas DECODED
Previous edition: 17 May 2024
Share article
Get the full version straight to your inbox.
Exclusive access to our best-in-class data & intelligence
Subscribe now
ADNOC looking to establish trading desk in US
This move is part of the United Arab Emirates (UAE) Government-backed oil and gas company’s efforts to expand its global presence.
ADNOC is planning to establish a trading desk in the US, reported Reuters, citing sources.
This move is part of the company's efforts to expand its global presence.
ADNOC has been in discussions to hire senior energy traders to manage the US expansion, the sources said, adding that the company's plans could still shift focus.
The UAE Government-backed oil and gas company has been looking to expand globally in recent years as it seeks new revenue streams for the Gulf state.
Since 2018, it has been developing its trading operations, which now include ADNOC Trading, handling crude oil, and ADNOC Global Trading, a joint venture with Eni of Italy and OMV of Austria, focusing on refined products.
There have been reports that ADNOC is also planning to open a trading office in Geneva and a representative office in London, with the Swiss office reportedly commencing operations in early May.
Additionally, the business has been searching for opportunities in the US to increase its footprint in the expanding liquefied natural gas (LNG) trade.
This move comes as US crude and fuel exports have seen a significant rise, drawing major players such as Saudi Aramco to establish trading offices in Texas.
Middle Eastern energy producers including ADNOC have been enhancing their trading operations since the 2014 oil price collapse, seeking to exert more control over the sale of their resources and align their business models with other global oil giants.
Earlier this month, ADNOC signed a long-term agreement with Germany's EnBW to supply LNG.
The 15-year contract involves the delivery of 600,000 tonnes per annum of LNG from ADNOC's Ruwais LNG project in Al Ruwais Industrial City, Abu Dhabi.
This deal with EnBW is the third for the Ruwais LNG project, which has a total capacity of 9.6 million tonnes per annum.
Latest news
WM weighing sale of $3bn renewable natural gas unit
The sale could involve the rights to develop renewable natural gas (RNG) operations on 115 landfills owned by WM.
Chevron reportedly set for UK North Sea exit after 55 years
Chevron is set to commence the sale of its remaining UK North Sea assets, which will mark the US energy giant’s departure from the basin after more than five decades, reported Reuters.
Italian Treasury divests 2.8% stake in Eni for €1.4bn
Italy's Treasury has sold a 2.8% stake in oil and gas company Eni, raising approximately €1.4bn.
Crescent Energy to acquire SilverBow Resources in $2.1bn deal
The combined entity will have an estimated production of around 250,000 barrels of oil equivalent per day (boepd).
Outlook: global LNG trade amid market uncertainties
Demand and supply patterns for liquefied natural gas (LNG) have changed due to of geopolitical tensions and market uncertainties.
Petronas announces new hydrocarbon discovery offshore Suriname
The latest discovery follows Roystonea-1 and Sloanea-1 discoveries in the region.
In our previous edition
Oil & Gas Decoded
IEA cuts 2024 oil demand growth forecast
16 May 2024
Oil & Gas Decoded
ADNOC Drilling secures $1.7bn unconventional wells drilling contract in UAE
15 May 2024
Oil & Gas Decoded
UK MoD: Russia-Ukraine war a factor in Gazprom's massive 2023 loss
14 May 2024
Newsletters in other sectors
Aerospace, Defence & Security
Automotive
Travel and Tourism
Search companies, themes, reports, as well as actionable data & insights spanning 22 global industries
Access more premium companies when you subscribe to Explorer