Abu Dhabi National Oil Company (ADNOC) is considering acquiring the natural gas assets of U.S.-based “Ethron Energy Management” in a deal that could reach up to $9 billion, according to a Bloomberg report.
ADNOC is currently working with advisors to evaluate the offer amid interest from other parties in the assets, which include gas production, transportation, and storage operations, mostly located in Texas and Louisiana. However, talks are still in the early stages, and no final decision has been made yet.
This move is part of a broader UAE strategy to boost its investments in the American energy sector, as the country has pledged to inject $1.4 trillion into the U.S. economy over the next decade, following a meeting between U.S. President Donald Trump and Sheikh Tahnoun bin Zayed Al Nahyan.
It is worth noting that ADNOC carried out several major deals in 2024, including acquiring a stake in NextDecade’s LNG export project in Texas, a long-term supply agreement, and a stake in ExxonMobil’s hydrogen project.
Ethron, founded in 1990 by Albert Huddleston, is one of the most active drilling companies in the Haynesville Basin, located near gas export facilities on the Gulf Coast. The company expanded its operations with support from investment partners such as RedBird Capital and the Ontario Teachers’ Pension Plan.
Source: Bloomberg