ADNOC Evaluates Acquisition of BP’s US-Weighted Upstream, Downstream, LNG, and Gas Assets as Takeover Speculation Intensifies

Abu Dhabi National Oil Company (ADNOC) is evaluating the possibility of acquiring key assets from British Petroleum (BP), including upstream, downstream, liquefied natural gas (LNG), and gas portfolios. This consideration comes amid speculation that BP may break itself up or face pressure to divest more units. BP’s portfolios are heavily weighted toward the US, which is a strategic factor for potential buyers. ADNOC's subsidiary, XRG, is reportedly involved in assessing mergers and acquisitions, with a focus on BP's LNG and gas assets. The prospect of ADNOC entering the market for BP's assets has intensified takeover speculation.