Mansoor Mohammed Al Hamed, managing director & CEO of Mubadala Energy. (Image source: Mubadala Energy)

Mubadala Energy, the Abu Dhabi headquartered international energy company, has acquired a 15% participating interest in Egypt’s Nargis offshore concession from Eni

The Nargis concession is located in the prolific East Nile Delta Basin of the Mediterranean Sea, approximately 50 km offshore. It includes the Nargis 1 gas discovery made in early 2023 and is adjacent to the Eni-operated Nour concession, which Mubadala Energy entered in 2018 with a 20% stake.

The Nargis concession is operated by Chevron, which has a 44% contractor interest, with Eni now holding 30% of the contractor interest through its subsidiary, IEOC and the remaining 10% interest owned by Tharwa Petroleum Company. The contractor group holds 50% of the concession, with the Egyptian Natural Gas Holding Company (EGAS) also holding 50%.

Mansoor Mohammed Al Hamed, managing director & CEO of Mubadala Energy, said, “This acquisition of a 15% interest in the Nargis Concession further reinforces our long term commitment to Egypt, expanding our portfolio with a high impact growth opportunity alongside world class partners in the strategically important East Med region.”

In addition to Nargis and Nour, Mubadala Energy has a 10% stake in the Shorouk concession, containing the giant Zohr gas field, also located in the Mediterranean Sea offshore Egypt and operated by Eni. The Zohr gas field is the largest gas discovery in the Mediterranean, with estimated reserves of 30 trillion cubic feet.

Mubadala Energy manages assets and operations spanning 11 countries, with a primary geographic focus on the Middle East and North Africa, Russia and Southeast Asia. It has a strategic focus on expansion across the gas value chain in line with its commitment to play an active role in the energy transition. Last year the company expanded into the US market with a strategic investment in US gas and LNG through Kimmeridge.

The new collaboration addresses the issue of caisson integrity. (Image source: Adobe Stock)

THREE60 Energy, Innovair and Oil States are collaborating to deliver integrated solutions for caisson integrity management in the global oil and gas sector

Managing caisson integrity is a significant challenge for operators of ageing offshore oil and gas assets, as it presents both safety and operational risks and involves complex assessment and repair processes. The alliance combines THREE60 Energy’s Engineering, Procurement, Construction & Commissioning (EPCC) capabilities, Innovair’s advanced inspection technologies, and Oil States’ field experience in repair and installation. Together the team provides a unified workflow from development and delivery of inspection programmes, engineering and implementation of remedial scopes, providing a seamless, end-to-end service.

Innovair provides high-precision scanning, sensing, and robotics solutions to intelligently deliver reliable inspection data. THREE60 Energy translates these insights into engineering solutions and oversees project delivery, while Oil States offers proprietary products ensuring repairs, refurbishment, and replacements are carried out safely and efficiently.

The three companies have already successfully demonstrated this model through an ongoing integrated inspection-to-repair project for a global operator in the North Sea. The offering is available as a standalone caisson integrity service or as part of an integrated EPCC solution.

Alasdair Smith, managing director of EPCC at THREE60 Energy, said, “This alliance brings together the best of three companies, combining Innovair’s technology, Oil States’ proven operational expertise, and THREE60 Energy’s engineering and project delivery capability. Together, we offer clients a comprehensive solution for managing caisson integrity safely, efficiently, and cost-effectively.”

Stuart Lawson, solutions director of Innovair, said, “By integrating our inspection technology with engineering and operational expertise of THREE60 Energy and Oil States, we are redefining the way caisson integrity can be managed across the industry.”

Garry Stephen, group vice president, UK and Asia of Oil States, added, “This alliance builds on our experience in repair and installation services and provides clients with a trusted, end-to-end solution. By working closely with Innovair and THREE60 Energy, we can ensure safe and efficient maintenance and upgrades for caissons worldwide.”

ADNOC Drilling recorded the strongest performance in its history. (Image source: ADNOC Drilling)

ADNOC companies have announced strong 2025 results, reflecting growth across the value chain from upstream development to logistics and distribution, as well as international expansion, capital discipline and the harnessing of new technologies

ADNOC Drilling recorded the strongest performance in its history, reflecting continued growth across integrated drilling and oilfield services (“OFS”), and driven by sustained rig utilisation, strong operational execution across the fleet, resilient long-term contracts and accelerated adoption of AI-powered technologies. Revenue was up 22% to US$$4.9bn year on year, with net profit up 11% to US$1.45bn.

Oilfield Services (OFS) revenues grew particularly strongly, by 80%, to US$1.46bn, on the back of increased activity volume, driven by higher IDS activity and additional discrete services, coupled with the growing year-on-year contribution from unconventional business. OFS is a core pillar of the company’s growth strategy, with the UAE and wider GCC representing some of the most attractive and strategically important markets for integrated energy services.

Abdulla Ateya Al Messabi, ADNOC Drilling CEO said, “2025 was a defining year for ADNOC Drilling. Our record-breaking results were delivered by our people, whose discipline, innovation and commitment to operational excellence and safety underpin every milestone we achieve. Our resilience as a business, built on strong systems, disciplined operations and the ability to adapt at pace, continues to reinforce our competitive strength.

“Through execution excellence, technology led efficiency and a disciplined approach to capital allocation and operations, we continue our transformation into the region’s most advanced energy services company. By expanding across the GCC, pioneering AI driven operations and setting new benchmarks in sustainability, we are unlocking value and helping power the UAE’s energy future. This is just the beginning of a new era of growth, innovation and impact.”

The company comments that the forward outlook remains strong, with growth in 2026 expected to be driven by accelerated IDS deployment, incremental OFS scope awards, and continued AI-driven efficiency gains, as well as further progress in ADNOC’s long-term upstream and unconventional development plans. Sustained development in both unconventional and conventional drilling is expected, the latter including six new island rigs scheduled for delivery between 2026 and 2028. This is complemented by ongoing expansion in OFS and attractive regional growth avenues. ADNOC Drilling aims to deploy approximately 70 IDS rigs by the end of 2026, reinforcing its operational scale and future OFS earnings visibility.

ADNOC Gas meanwhile recorded income of US$5.2bn, a 3% increase compared to 2024, despite a 14% drop in the oil price. This was primarily driven by the strength of its domestic gas business where its EBITDA was up 10% on sales volume growth of 4% year-on-year (YoY) and improved commercial terms.

Capital expenditure at US$3.6bn increased by a staggering 98% in 2025 as several major projects progressed. These included phase one of the RGD project, which expands domestic gas processing capacity and increases production of export-traded liquids from new, richer gas supplies. Work is also advancing on the ADNOC Estidama gas-pipeline project, which aims to enhance access for industrial and utility customers in the Northern Emirates.

Looking ahead, ADNOC Gas expects to capture continued domestic demand growth beyond 2026, supported by strategic infrastructure investments, including the ADNOC Estidama gas pipeline project, which will expand access to the Northern Emirates and reinforce the UAE’s long term objective of achieving gas self sufficiency. The Final Investment Decision (FID) for phases two and three of the Rich Gas Development (RGD) project is anticipated in the first quarter of 2026. This expansion, benefiting from the growth of ADNOC’s upstream operations, is one of the critical projects to enable ADNOC Gas by 2029 to expand its overall capacity by 30%.

Fatema Al Nuaimi, chief executive officer of ADNOC Gas, said, “2025 was a defining year for ADNOC Gas. We delivered record earnings while investing in growth, demonstrating that our business is resilient, scalable, and globally relevant. As demand for reliable delivery of gas continues to expand, ADNOC Gas is strategically positioned to serve both the UAE and international markets with confidence and discipline.”

ADNOC Logistics & Services saw revenues rise 41% YoY to US$5,016mn and net profit up 14% YoY to US$863mn, driven by favourable market demand, strong operational execution and the continued expansion across the company’s core and growth segments.

Integrated Logistics, the largest segment within ADNOC L&S saw revenues rising 11% YoY to US$2,529mn, driven by robust market demand and sustained momentum across key business lines. The shipping sector, despite challenging market conditions, saw revenue increase by 122% to US$2,125mn, reflecting the successful integration of Navig8, followed by the rapid integration of its 32 vessel fleet and the adoption of advanced commercial and digital capabilities. The acquisition of Navig8 added commercial scale, strengthened ADNOC L&S’ revenue profile, and improved access to global energy and commodities flows.

Captain Abdulkareem Al Masabi, CEO of ADNOC L&S, said, “2025 was a pivotal year for ADNOC L&S. We further enhanced our customer centricity, achieved record financial results and created significant value for our shareholders. ADNOC L&S grew across all segments, diversified into new verticals and accelerated its international expansion. With the acquisition of Navig8, we elevated ADNOC L&S from a regional powerhouse to global sector leadership.”

ADNOC Distribution also put in a strong performance in 2025.

This certification is a pivotal step for ADNOC. (Image source: DNV)

Energy services provider, DNV, has awarded ADNOC a CO₂ Storage Certificate at the Site Endorsement stage for its West Aquifer CO₂ storage development

The certification, conducted in accordance with ISO 27914:2017 Carbon dioxide capture, transportation and geological storage — Geological storage, has recognised that ADNOC reflects the necessary subsurface characterisation, reservoir understanding, containment assessment, and risk management framework required to progress the project to its next phase.

DNV’s verification process took into consideration ADNOC’s geological modelling, monitoring plans, conformance demonstration approach, and long-term storage strategy for the West Aquifer. Endorsement at this stage comes as a big win for ADNOC, building confidence in the site’s suitability for safe and permanent CO₂ storage.

“This certification is a pivotal step for ADNOC and an important moment for CCS deployment across the region. The West Aquifer site has the potential to become one of the anchors for large scale CCS deployment in the Middle East, helping industries to decarbonize in a safe, credible, and internationally recognized way. By meeting the stringent requirements of ISO 27914 at the site endorsement stage, ADNOC is demonstrating leadership, transparency, and a commitment to building the confidence needed for accelerated CCS investment across the region,” said Brice Le Gallo, vice-president and regional director for Southern Europe, MEA & LATAM, Energy Systems at DNV.