Adnoc and BP have made a joint offer to buy a 50 per cent stake in Israel-based NewMed Energy.
The non-binding offer would see the company effectively taken private.
Adnoc said the move is part of plans to establish a joint venture with BP with a focus on gas development.
The two companies intend to explore a range of mechanisms for the formation and potential further expansion of their new partnership.
Buying the NewMed stake would be a "significant first step in this direction", added Adnoc.
UAE tourism ready to bounce 'back stronger', says minister
The UAE is set to boost the tourism economy with a special focus on the domestic sector over the next three months, announced Minister of Economy and Tourism, Abdulla bin Touq Al Marri, as the industry bounces back stronger.
'Factory Forward UAE' to boost industrial competitiveness
The UAE has unveiled a new initiative to help factories adopt advanced technology and become more competitive.
Miral to invest over AED 12 billion in Yas Island over five years
Miral, Abu Dhabi's leading creator of immersive destinations and experiences, will invest more than AED 12 billion in new developments and enhancements across Yas Island over the next five years.
UAE President meets German business leaders during state visit
UAE President His Highness Sheikh Mohamed bin Zayed Al Nahyan has met with German business leaders and company executives during his state visit to Germany.
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