ADNOC's XRG Eyes Stake in Eni's Libya Oil and Gas Business

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is in talks with Eni about potentially buying a stake in the Italian company's oil and gas business in Libya, two people familiar with the matter said.

Negotiations are at an early stage and there is no certainty they will lead to a deal, the first person said.

XRG was established to pursue acquisitions in natural gas, chemicals and energy solutions, and aims to expand its liquefied natural gas capacity to between 20 million and 25 million metric tons a year by 2035.

The second person said XRG's need to invest and grow outside the Gulf region had become more pressing as the conflict between the US and Iran drags on.

This story was originally published by Offshore Engineer. Read the full story at Offshore Engineer →