David Vickling: Oil businesses invest with gas at the expense of black gold

What does an oil producing company do if you see that its primary product is threatened by a decline in demand and a regional war? Ask the “Abu Dhabi National Oil Company” (ADNOC). One of the answers to this question is the presentation led by an alliance by ‘ADNOC’, owned by the Abu Dhabi government, to obtain the Australian Gas Producer “Santos” in a fully cash agreement worth $ 19 billion. “ADNOC” has run a wave of gas asset acquisitions over the past year, as it gradually depends on a company that depends mainly on “black gold” to the others responsible for the liquidation of natural gas ships, the same amount of interest in oil tankers, similar to what the largest peer “Aramco Saudi” has, which is larger in the development of new gas fields. Adnoc pointed its tambourine to the assets of gas. It is sufficient to look at the list of offers that have recently been closed or booked to understand a clearer image. In May last year, ADNOC acquired a stake in the “Nikt Declang” project for the execution of Texas, and last April, a person who is familiar with the case revealed to “Bloomberg” that the UAE business studied the acquisition of the “Aethon Energy Management” gas in Texas and Louisiana. ADNOC also showed an interest in acquiring BP assets (BP) for gas in the context of a possible distribution, according to what “Bloomberg” revealed last week. In 2023, “ADNOC” separated the subsidiary unit and distributed it on the Abu Dhabi Stock Exchange, as it formed over the market. Last year, it began building an export station in Ruwais, west of the country, a large complex sufficient to meet the full needs of türkiye from the import of gas. In light of an environment in which Israel’s attacks on Iran increase the danger of a comprehensive war in the region, ADNOC strategy offers many benefits. On the one hand, the fear of the possibility that Iran, if pressure, will begin with it, is still raising crises in the street of hormuz, and my colleague Javier Plus pointed out. Iran, Oman and the vague protect this narrow water surface. On the other hand, ongoing attacks on ships have not occurred since the war between Iran and Iraq in the 1980s, especially as Tehran’s income will be influenced by the extent to which his opponents are damaged. However, there must be careful to reduce the danger caused by this weakness, pending the Iranian government that uses desperate measures. Obtaining external gas assets to avoid the impact of stress, we have a world in which the demand for oil varys clearly, while the production of RU is still less than the highlight it reached in 2018. The gas mode does not look much better, in light of the slowdown in the growth grass by a significant difference compared to historical levels due to the Russian war of Russian gas, transferred by the Pipes since the Russian War has been transferred by the Russian Warren over the transition of the Pipes since the Russian war is transferred by the Russian war on the Russian War of the Russian War. -Warren, transferred by the Russian Warren over the transition of the Okray. 2022, and the high prices that the potential buyers develop in countries in Asia and Africa. However, the part of the gas traded in the form of a liquidated gas was some of the winners, as the production capacity of the liquid stations is expected to increase by about 40% between the current period and 2030. The navigators are similar to gas pipelines as it is very vulnerable to geopolitical interventions, but it is possible to obtain the golities, the Golat State is not a hot at risk of not the risk of the risk of chronic decline in the traditional oil demand, the serious risks associated with the shocks. Investment opportunities are rare, but these assets in the current period are not the abundance of an abundance of liquidity national oil company. On Monday, Santos shares closed about 13% from the financial offer made by Adnoc, which the advice of directors of the targeted company still recommends recommending its acceptance. Given the clear nature of the offer, it is likely to reflect the fear that the Foreign Investment Review Council in Australia will not welcome the idea of ​​a government owned by a government that does not publish financial lists on the second largest fuel producing company in the country. Nevertheless, the completion of the agreement is probably more compared to other possibilities. President Donald Trump was pleased to boast about the transactions closed with Emirati businesses during his visit to the Middle East last month, but if you want a complete acquisition, the United States may not be the best destination for research in light of current immigration. The final agreement to sell ‘United Stones Steel’ to ‘Nippon Steel’, which gave the US government a ‘gold share’ that enables it to control the company’s policy is an indication of the direction of the situation. Other promising regions, such as South America, Central -Asia and Sub -Saharan Africa, mainly dominated by government and independent oil companies, while the North Sea in Europe is in an unexplained decline. The available opportunities became scarce. The path of Qatar and Turkmenistan is that the vague is more prepared compared to others to face the shifting of fossil fuels, and the non -oil economy indicates that it can balance its budget and the current account at the lowest oil prices in the wave region. One of the largest countries with oil exports, only Qatar and Turkmenistan, which is both basically the source of gas, and not two oil conditions. Consequently, maintaining future income requires the decline in the world’s demand for oil to follow it, instead of following the course of some of their peers from oil -rich countries.