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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. 

The oil and gas sector is facing mounting pressure on its talent pipeline. (Image source: Adobe Stock)

The Middle East shares the top spot with Europe as a preferred destination for energy professionals to relocate to, according to the 2026 Global Energy Talent Index (GETI) report, produced by Airswift and supported by Energy Jobline

While the report indicates a decline in global mobility, the Middle East and Europe are seen as the most attractive destinations with 25% each, while Asia has remained steady at 16%.

Jayden Wallis, president ASPAC & Airswift Resourcing at Airswift commented, “The Middle East is investing trillions of dollars to diversify their economies and are lowering barriers to entry so that organisations can secure the talent they need to deliver an ambitious pipeline of projects.”

The 2026 GETI findings show that the oil and gas sector is facing mounting pressure on its talent pipeline, as an ageing workforce, slowing salary growth and a declining willingness to relocate makes it difficult for hiring managers to retain existing talent and attract professionals.

Key findings

Key insights include:
• Nearly half of the workforce (48%) is now aged over 45, while just 19% is aged 25–34, highlighting the challenge of attracting younger talent.
• Salary optimism remains high with 67% of professionals expecting a pay rise next year, but this is down from 71% in 2025, signalling a slowdown in growth.
• Global mobility continues to decline, with only 75% of professionals willing to relocate for work, down from 80% last year and 89% in 2022.
• AI adoption is accelerating, with 45% of traditional energy professionals now using AI in their roles. This is a 187% increase since 2024, yet 30% still do not use AI to support career development.

Despite concerns about automation, hiring managers say engineering and technical roles remain the hardest to fill, with nearly half investing in learning and development and 45% using AI and automation to close skills gaps.

Over the last three years, AI has had a significant impact on the energy industry. While AI adoption remains slower than other sectors, AI is being used to support career development.
Despite concerns that AI could replace some engineering and technical operations roles, 50% of the hiring managers say that these are the roles they struggle the most to recruit for. To address these hiring challenges, hiring managers are changing recruitment processes and revising role requirements.

“As a highly physical and safety-critical industry, heads in hard hats will always be central to the industry’s success,” the report comments.

However, retaining existing talent and attracting new professionals remain key hiring challenges for 2026 and beyond.

The report shows that 50% of professionals and 60% of hiring managers say that pay has increased in 2025. However, while salary optimism remains strong, growth has slowed compared to previous years.

James Allen, CEO at Airswift said, “The ageing workforce challenge is becoming increasingly urgent to address as traditional energy organisations are struggling to make hires with the right technical expertise and experience. With only a third of hiring managers actively recruiting graduates to build their talent pipeline, there is an opportunity for the sector to do much more to secure the people it needs.”

Wallis said, “Hiring managers are increasingly struggling to recruit experienced professionals, while a smaller percentage of younger talent is entering the workforce. With the cost of boomerang professionals - those returning post-retirement on a contractual basis - rising, companies need to be proactive in addressing the talent gap. Investing in retention and attracting younger generations will be essential for closing the gap and securing the talent needed for the future.”

Penspen has recorded exceptional performance in its core markets. (Image source: Adobe Stock)

Global energy consultancy company Penspen scooped US$500mn in new contract awards in 2025, up 120% on 2024, underpinned by growth in its core Middle East market

The achievement reflects a year of strong global performance across engineering, project management consultancy (PMC) and asset integrity services, the company says.

In the Middle East and Africa, Penspen was awarded 65 new contracts worth US$456mn, spanning project management supervision and consultancy services, FEED, detailed design and integrity assessment. The UAE remained its largest and most strategic country of operation, supported by deep engagements across the ADNOC Group, where Penspen is one of the ADNOC Groups top-20 energy sector contractors operating in the UAE.

During the year, Penspen secured and executed a number of high-value PMC assignments supporting critical gas infrastructure, including LNG pre-conditioning, compression facilities, utilities and production enhancement programmes, alongside multiple offshore and onshore PMC packages.

In Saudi Arabia, Penspen concluded 12 new agreements spanning studies, FEED, detailed design and project management supervision services. It continued to build momentum through its selection under a framework with ENOWA, executed through a joint venture with Dar Al Handasah and in collaboration with Technip, positioning Penspen at the heart of NEOM’s next-generation energy and water infrastructure.

Neale Carter, executive vice president, Middle East, Africa and Asia Pacific Regions, said, “ The Middle East played a pivotal role in Penspen’s 2025 growth, contributing the largest share of new contract awards and reinforcing the region’s role as a strategic engine for the business.

“Our long-standing relationships across the UAE and Saudi Arabia, combined with our ability to deliver complex gas, LNG infrastructure and PMC programmes at scale, continue to differentiate Penspen in a highly competitive market. With sustained investment across gas, energy security, aviation, and transition-linked infrastructure, we see significant opportunity to build on this momentum in the years ahead.”

In addition to the Middle East and Africa, Penspen also saw strong growth in Europe and the Americas, supported by major infrastructure and energy transition programmes.

In the UK and Europe the company won 177 new contracts worth US$16mn, including fuelling terminal operations, pipeline maintenance and inspection, hydrogen repurposing and blending, carbon capture studies, gas compression upgrades and pipeline diversions

While in the Americas it secured 54 new contracts worth US$5mn, including pipeline fitness-for-service, electrical interference and cathodic protection studies, gas pipeline project management, production operations support and environmental testing.

Chief executive officer, Peter O’Sullivan, said, “With cumulative contract awards of US$500mn, 2025 stands out as one of the strongest commercial and delivery years in Penspen’s history.

“While we continued to build momentum across Europe and the Americas – particularly in energy transition – our performance was anchored by exceptional delivery in core markets where demand for large-scale, complex energy infrastructure remains strong.”

Qatar will supply two million tons per annum (MTPA) of LNG to Malaysia from 2028. (Image source: QatarEnergy)

QatarEnergy has signed a 20-year Sales and Purchase Agreement (SPA) with PETRONAS for the supply of two million tons per annum (MTPA) of LNG from Qatar to Malaysia from 2028

The agreement was signed by His Excellency Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the president and CEO of QatarEnergy, and YM Tan Sri Tengku Muhammad Taufik Tengku Kamadjaja Aziz, the president & Group CEO of PETRONAS during a ceremony held in Doha on the sidelines of the 21st International Conference & Exhibition on Liquefied Natural Gas (LNG2026).

Under the SPA, PLL will offtake up to two million tonnes per annum (MTPA) of LNG from QatarEnergy over a period of 20 years. The long-term volumes secured through this agreement will play a critical role in reinforcing Malaysia’s energy supply security, ensuring a stable and reliable LNG source to meet the rapidly rising energy demand in Malaysia, driven by industrial growth and a surge in data centre development. It is the first long-term LNG SPA between QatarEnergy and PETRONAS.

According to a PETRONAS statement, the collaboration enhances PETRONAS’ portfolio resilience amid an evolving global energy landscape, while supporting the nation’s economic development and energy transition priorities. It also reflects the shared commitment between PETRONAS and QatarEnergy to deepen cooperation across the LNG value chain towards a future-ready and sustainable gas portfolio.

His Excellency Minister Al-Kaabi said: "QatarEnergy is pleased to enter into this new LNG SPA with PETRONAS, which highlights our continued commitment to support the growing energy needs of Malaysia as well as our customers across the globe.”

PETRONAS president and Group CEO, Tan Sri Tengku Muhammad Taufik said, "This agreement marks an important milestone for PETRONAS in bolstering energy security for those we serve. The supply of LNG through partnerships with industry leading partners such as QatarEnergy complements the cargoes from our LNG heartlands in Malaysia and Canada, diversifying our supply nodes even as PETRONAS unlocks new avenues to derive greater value and efficiency."

This agreement reflects QatarEnergy’s ongoing dedication to strengthening global partnerships, promoting cleaner energy solutions, and supporting the economic development goals of key markets worldwide.

The agreement follows hot on the heels of the signing of a 27-year Sales and Purchase Agreement (SPA) with JERA, Japan’s largest power generation company, for the supply of up to three million tons per annum (MTPA) of LNG from Qatar to Japan, with deliveries starting in 2028. QatarEnergy also signed a MoU with Japan’s Ministry of Economy, Trade & Industry (METI) and JERA to supply Japan with additional LNG during emergency situations.

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