Saudi Arabia-backed Midad Energy has signed a term sheet to acquire Russia’s sanctioned Lukoil assets in a high-stakes contest against rivals including private equity giant Carlyle Group, with the deal contingent on US regulatory approval, a Reuters report said citing three people familiar with the matter.
Aramco, one of the world’s leading integrated energy and chemicals companies, and Microsoft have signed a non-binding memorandum of understanding (MoU) to help Aramco explore a series of digital initiatives designed to accelerate industrial artificial intelligence (AI) adoption.
Petro Rabigh, a joint venture between Saudi oil giant Aramco and Sumitomo Chemical, has signed up KBR, a leading technology and engineering solutions company, to provide maintenance services for its polymer plants in Rabigh, Saudi Arabia for a 10-year period.
Abu Dhabi-based XRG has signed an agreement with leading Italian petroleum company Eni and Argentinian group YPF for the development of an integrated gas and liquefaction project on Argentina’s Vaca Muerta shale basin that will help position the country as a long-term global LNG supplier.
Oman’s Ministry of Energy and Minerals has signed a concession agreement for Offshore Block 18 to support hydrocarbon exploration and production. Petronas will operate the block with a 70 per cent stake, while OQ Exploration and Production holds 30 per cent. The agreement includes a four-year exploration period, extendable to 30 years if commercial production is achieved.
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East, and Africa, recorded full-year 2025 revenues of AED54.8 billion ($14.92 billion), broadly in line with the prior year.
Soiltech has been awarded a contract with Estedama Environmental Solutions to deliver fluid treatment services (STT) in Saudi Arabia, utilising Soiltech’s market-leading technologies for waste reduction, waste recovery and reuse. Startup of operations is scheduled for the second quarter of 2026.
QatarEnergy has secured an offshore exploration licence in Libya after the country’s first bid round since 2007. The National Oil Corporation awarded Block O1 to a consortium of QatarEnergy (40 per cent stake) and Italy’s Eni (60 per cent stake and operator), marking QatarEnergy’s first upstream entry into Libya.
ADNOC Drilling Company today announced record fourth quarter (Q4) and full year (FY) 2025 results, marking a step change in scale, technology-enabled performance and excellence in execution. The company's revenue totalled $4.9 billion, up 22% year-on-year (YoY); EBITDA was $2.2 billion, an increase of 9% YoY; and net profit hit $1.45 billion, a growth of 11% YoY.
Aramco’s In-Kingdom Total Value Add (iktva) programme has reached 70 per cent local content and aims for 75 per cent by 2030. Since inception, iktva has contributed over $280 billion to Saudi Arabia’s GDP, driving industrial growth, economic diversification, and long-term fiscal resilience.
