At a time when highly leveraged U.S. exploration and production (E&P) companies have been struggling with dwindling valuations, shrinking credit lines, and mounting bankruptcies, Middle East state-owned oil and gas companies (NOCs) appear to be having little trouble courting foreign investors. The majority of investors are aware of oil giant Saudi Aramco’s moves, including its IPO and (self-estimated) $2 trillion valuation. Few, however, know about the other Middle East oil giant that could actually beat Aramco to the public punch: The Abu Dhabi National Oil Company ( ADNOC ). Faced with a specter of shrinking oil demand and a global shift to greener energy, the United Arab Emirates (UAE)—of which Abu Dhabi is the capital—is pulling all stops to fully monetize its considerable hydrocarbon resources. The Emirates’ latest exploit: Opening trade in its Murban crude to compete with WTI and Brent crude. Abu Dhabi has just launched the Murban […]