Abu Dhabi National Oil Company (ADNOC) is exploring purchases worth around $50bn (Dh184bn) in a bid to diversify operations and grow internationally, reported the Financial Times (FT).

To this end, sources told the FT, the oil giant has assembled a team of nearly 50 dealmakers.

Led by former top Morgan Stanley executive Klaus Froehlich, the investment team has grown to be one of the most crucial parts of the ADNOC’s strategy, the sources said.

ADNOC’s pursuit of multibillion-dollar purchases comes in a year when few deals are being made overall.

It is simultaneously negotiating with German chemical company Covestro, Austria’s OMV and Brazilian petrochemical manufacturer Braskem.

Last week, the state-owned oil company announced the acquisition of a 30% stake in the Absheron gas and condensate field, located offshore Azerbaijan in the Caspian Sea.

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By GlobalData

In July, ADNOC began formal negotiations with OMV to build a $30bn-plus petrochemical behemoth.

The Abu Dhabi energy major has also raised the offer price for the acquisition of Covestro to around €11bn ($12.4bn) after the earlier offer was rejected.

“They are supercharged, with the investment team given the mandate to go out and look at investments,” a banker familiar with ADNOC was quoted by the FT as saying.

“They have pivoted from an internally focused portfolio management mindset to one that is internationally focused.”

To increase its oil and gas production, the business has set aside $150bn in capital expenditure over the next five years. An additional $15bn is set aside for low-carbon solutions over a longer time frame.