ADNOC to Transfer Stake in OMV to XRG

Abu Dhabi National Oil Company (ADNOC) has announced its plans to transfer its interest in Austria’s oil and gas player OMV to XRG, its wholly-owned subsidiary.

OMV confirmed that it has received notification from ADNOC regarding the transfer of its 24.9% shareholding in the company to XRG. This stake was initially acquired from Mubadala Investment Company in February.

ADNOC revealed that the proposed transfer, subject to regulatory approvals, aligns with its strategy to consolidate its international growth investments under XRG. The subsidiary has also expressed its support for the decision.

Established as an international investment company in November 2024, XRG has been actively expanding its portfolio. It recently formed a regional gas platform in collaboration with BP and acquired stakes in offshore Mozambique’s Area 4 concession and Block 1 in the Caspian Sea.

Notably, XRG led a consortium that made a bid for Australia’s Santos last month, initiating negotiations and entering an exclusive due diligence period in June.

Meanwhile, OMV faced a setback with the announcement of an unsuccessful exploration well in production license 1194 offshore Norway. The drilling operation, conducted by its Norwegian subsidiary using the Deepsea Bollsta rig managed by Odfjell Drilling, concluded without success despite commencing in May.