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.
Pakistan flag carrier stake sale attracts sole bid below government minimum
The final bidding process for the privatisation of Pakistan International Airlines attracted just one bid of 10 billion Pakistani rupees ($36 million) for a 60% stake in the national flag carrier, the Privatisation Ministry said on Thursday.
Shell's $6 billion profit smashes forecasts
Shell reported on Thursday third-quarter profits of $6 billion that exceeded forecasts by 12 per cent as higher liquefied natural gas (LNG) sales offset a sharp drop in oil refining and trading results.
EU slaps tariffs on Chinese EVs, risking Beijing backlash
The European Union has decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3 per cent at the end of its highest profile trade investigation that has divided Europe and prompted retaliation from Beijing.
ADNOC Drilling reports revenue above $1 billion in Q3
ADNOC Drilling Company recorded $1.026 billion (AED 3.77 billion) in revenue in Q3, marking a 32 per cent year-on-year.
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