The JV to pursue global investments in energy technology
ADNOC Drilling Company and Alpha Dhabi Holding recently announced the incorporation of its strategic investment JV (Joint Venture) at Abu Dhabi Global Market. The JV will pursue global investments in energy technology and bolster tech-enabled energy services.
As the inaugural investment, Alpha Dhabi has contributed its 25% equity stake in Gordon Technologies (“Gordon”), a leading provider of measurement while drilling (“MWD”) technology to the oil and gas industry in the USA. The equity stake has been valued at around US$ 180mn.
“Access to these technologies will support us in our operations, and to accelerate well delivery optimization in the development of unconventional resources as we strive to enable gas self-sufficiency for the nation,” remarked Abdulrahman Abdullah Al Seiari, CEO, ADNOC Drilling.
Leverage
“Through this joint venture between Alpha Dhabi and ADNOC Drilling’s complimentary capabilities, we look forward to driving further value creation for the benefit of our mutual stakeholders,” commented Eng. Hamad Al Ameri, Managing Director and Group CEO of Alpha Dhabi.
The JV intends to acquire and invest in companies offering tech-enabled oilfield services solutions, subject to the relevant regulatory approvals, and foster a scalable ecosystem that will enhance market value and optimize operational efficiencies.
It will be a major driver of investment decisions with the ability to support the UAE’s wider energy transition ambitions, net zero agenda and ongoing economic diversification efforts, a press communique concluded.
