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Abu Dhabi joint venture invests in US tech company

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.

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