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.
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US tariffs show 'no negative impact' at DXB, says Paul Griffiths
The sweeping new US tariffs has had no "negative impact" on DXB, airport's CEO Paul Griffiths said, but added that with the "volatility of the situation, it's far too soon to comment".
Tesla chair denies plans to look for new CEO to replace Musk
Tesla chair Robyn Denholm on Thursday denied a Wall Street Journal report that said board members had reached out to executive search firms to find a new replacement for CEO Elon Musk.
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