Skip to content Skip to Search
Skip navigation

Abu Dhabi joint venture invests in US tech company

By Eva Levesque
The joint venture between Adnoc Drilling and Alpha Dhabi has invested in Louisiana-based Gordon Technologies Wam
The joint venture between Adnoc Drilling and Alpha Dhabi has invested in Louisiana-based Gordon Technologies

An AED5.5 billion ($1.5 billion) joint venture between Adnoc Drilling Company and Alpha Dhabi Holding has made its first investment, buying a $180 million stake in a US engineering company.

Adnoc Drilling, a subsidiary of Abu Dhabi National Oil Company (Adnoc), and Alpha Dhabi holding, one of Abu Dhabi’s biggest investment companies, announced the partnership in November, with the energy major taking a 51 percent majority stake.

And it has now invested in Louisiana-based Gordon Technologies, which provides measurement technology for drilling in the oil and gas sector. 

Incorporated in the Abu Dhabi Global Market, the JV will acquire and invest globally in energy technology and expand tech-enabled oilfield energy services and solutions, according to Abdulrahman Abdullah Al Seiari, chief executive officer of Adnoc Drilling.

“Access to these technologies will support us in our operations and accelerate well delivery optimisation in the development of unconventional resources as we strive to enable gas self-sufficiency for the nation,” Seiari pointed out.

Adnoc Drilling said it will account for the JV’s financial results from the first quarter of 2024.

Latest articles

Turkey to triple cross-border electricity links

Turkey is aiming to triple its electricity interconnections with neighbouring countries and is set to supply power to Syria soon, a news report said. Ankara is currently supplying electricity to Iraq, Daily Sabah newspaper reported citing energy and natural resources minister Alparslan Bayraktar’s speech at a panel discussion at the International Renewable Energy Agency (Irena) […]

Oil prices remain near four-month highs above $80

Oil prices slipped at market open on Tuesday but remained near four-month highs as Chinese and Indian buyers sought new suppliers in the wake of the Biden administration’s toughest sanctions yet on Russian oil. Brent futures slipped 22 cents, or 0.27 percent, to $80.79 a barrel by 01:22 GMT, while US West Texas Intermediate (WTI) crude  fell 16 cents, […]

Person, Worker, Architecture

Abu Dhabi buys stake in US power company for $500m

A subsidiary of Abu Dhabi Investment Authority (Adia) will acquire a minority stake in Alpha Generation (AlphaGen), a US-based power infrastructure company, by investing $500 million, amid a surge in power demand. The investment is subject to regulatory approvals and is expected to close in the first half of 2025. AlphaGen, is owned by affiliates […]

Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman. The country has long expressed an interest in developing a nuclear power sector

Sale of enriched uranium announced by Saudi Arabia

Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions.  Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […]