Saudi Arabia-backed Midad Energy has signed a term sheet to acquire Russia’s sanctioned Lukoil assets in a high-stakes contest against rivals including private equity giant Carlyle Group, with the deal contingent on US regulatory approval, a Reuters report said citing three people familiar with the matter.
Aramco, one of the world’s leading integrated energy and chemicals companies, and Microsoft have signed a non-binding memorandum of understanding (MoU) to help Aramco explore a series of digital initiatives designed to accelerate industrial artificial intelligence (AI) adoption.
Petro Rabigh, a joint venture between Saudi oil giant Aramco and Sumitomo Chemical, has signed up KBR, a leading technology and engineering solutions company, to provide maintenance services for its polymer plants in Rabigh, Saudi Arabia for a 10-year period.
Abu Dhabi-based XRG has signed an agreement with leading Italian petroleum company Eni and Argentinian group YPF for the development of an integrated gas and liquefaction project on Argentina’s Vaca Muerta shale basin that will help position the country as a long-term global LNG supplier.
Oman’s Ministry of Energy and Minerals has signed a concession agreement for Offshore Block 18 to support hydrocarbon exploration and production. Petronas will operate the block with a 70 per cent stake, while OQ Exploration and Production holds 30 per cent. The agreement includes a four-year exploration period, extendable to 30 years if commercial production is achieved.
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East, and Africa, recorded full-year 2025 revenues of AED54.8 billion ($14.92 billion), broadly in line with the prior year.
Soiltech has been awarded a contract with Estedama Environmental Solutions to deliver fluid treatment services (STT) in Saudi Arabia, utilising Soiltech’s market-leading technologies for waste reduction, waste recovery and reuse. Startup of operations is scheduled for the second quarter of 2026.
Unique Group has supported one of the longest and technically complex shore pull operations for Adnoc’s Hail and Ghasha offshore gas development, in collaboration with Saipem. The project involved three shore pulls, each exceeding 6.67 kilometers—among the longest in both Saipem’s history and the offshore industry.
QatarEnergy has secured an offshore exploration licence in Libya after the country’s first bid round since 2007. The National Oil Corporation awarded Block O1 to a consortium of QatarEnergy (40 per cent stake) and Italy’s Eni (60 per cent stake and operator), marking QatarEnergy’s first upstream entry into Libya.
ADNOC Drilling Company today announced record fourth quarter (Q4) and full year (FY) 2025 results, marking a step change in scale, technology-enabled performance and excellence in execution. The company's revenue totalled $4.9 billion, up 22% year-on-year (YoY); EBITDA was $2.2 billion, an increase of 9% YoY; and net profit hit $1.45 billion, a growth of 11% YoY.
