ADNOC Considered Buying Oil Giant BP

Abu Dhabi National Oil Company (ADNOC) has recently weighed buying BP, but talks didn’t go far and ultimately the state firm of the United Arab Emirates decided not to pursue a takeover of the UK supermajor, sources with knowledge of the discussions have told Reuters. ADNOC has recently held preliminary talks with BP and has contacted investment banks for advice on a potential takeover, according to two of Reuters’ sources.    The reported approach by ADNOC comes as the U.S. oil and gas industry is undergoing a major…