Abu Dhabi National Oil Company (ADNOC) is looking to expand operations across the globe and create new streams of revenue, reported Reuters.

The United Arab Emirates (UAE) Government, which owns ADNOC, intends to leverage its fossil fuel resources while there is still high demand for oil and gas and spend the money gained on diversifying its economy to minimise its reliance on hydrocarbons.

This approach is similar to that adopted by the UAE’s Gulf neighbours Saudi Arabia and Qatar.

The company told Reuters that as part of this approach, it was actively seeking specific prospects in the fields of gas, petrochemicals, renewable energy and liquefied natural gas (LNG).

The oil and gas major did not provide any details about potential targets.

According to two persons with direct knowledge of the situation, ADNOC is considering LNG assets in Africa.

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By GlobalData

It is also said to be considering purchasing Portuguese energy company Galp’s 10% stake in a sizeable natural gas project in the Rovuma basin offshore Mozambique.

Galp did not reply to inquiries from Reuters, and ADNOC declined to comment.

Without providing any details, ADNOC confirmed to the agency that it was also investing in energy trading.

“As part of our international growth strategy, we are focused on expanding our presence in renewables, gas, LNG and chemicals, and are actively pursuing select opportunities, while also investing in and growing our trading capabilities,” an ADNOC representative said in a statement.

Last month, it was reported that ADNOC is aiming to expand its energy trading operations in Europe and Africa.

The company operates two trading units, ADNOC Trading and ADNOC Global Trading, both of which were set up in 2020.