Abu Dhabi National Oil Company (ADNOC) intends to transfer its interest in Austria’s oil and gas player OMV to XRG, its wholly-owned subsidiary.
OMV said it has been notified by ADNOC of its intention to transfer its 24.9% shareholding in the company to XRG. The stake was acquired last February from Mubadala Investment Company.
In a separate announcement, ADNOC explained the deal, which is subject to regulatory approvals, is in line with its strategy to consolidate its international growth investments under XRG. The latter also welcomed its parent company’s announcement.
Since being presented to the public in November 2024 as an international investment company, XRG established a regional gas platform with BP, as well as purchased stakes in the Area 4 concession offshore Mozambique and in Block 1 in the Caspian Sea.
Last month, it was disclosed that a consortium led by XRG made an offer for Australia’s Santos, followed by launching negotiations and entering into an exclusive due diligence period later in June.
As for OMV, earlier today, it was disclosed that an exploration well in production license 1194 offshore Norway, operated by its Norwegian subsidiary, came up dry . The well was drilled using the Odfjell Drilling-managed Deepsea Bollsta rig, which started the drilling campaign in May.