ADNOC Unit Eyes $3 Billion Deal for Floating LNG Operator Energos Infrastructure

XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is in talks to acquire up to 50% of Energos Infrastructure, a floating LNG operator majority-owned by Apollo Global Management. The deal, valued at $3 billion, would fill the gap in XRG's vertically integrated liquefied natural gas chain, allowing it to control production from upstream gas to import markets.

Energos operates 13 floating vessels, including nine FSFRUs (floating storage and regasification units) that can convert coastal locations into LNG receiving hubs. This mobility is what makes FSRUs valuable in a fractured energy world, as they can be redeployed to meet sudden demand in regions affected by disruption.

ADNOC's strategy involves maintaining supply chain continuity during regional disruptions, and owning the regasification layer allows it to guarantee delivery of LNG. XRG aims to control combined LNG capacity of approximately 25 million tonnes per year by 2035.