Key Takeaways
- • ADNOC, the Abu Dhabi state energy firm, has hired Morgan Stanley's global co-head of energy Michael O'Dwyer as chief investment officer, according to three sources familiar with the move, as reported by Reuters.
- • The appointment comes as ADNOC accelerates expansion through its XRG investment arm and pursues acquisitions in gas, chemicals and shipping following the UAE's exit from OPEC.
- • O'Dwyer has been at Morgan Stanley since 2008, when he joined from Lehman Brothers; ADNOC and Morgan Stanley declined or did not respond to requests for comment.
- • The move highlights the intensifying competition for senior energy-investment talent among major Gulf state energy companies and Wall Street banks.
Summary
Abu Dhabi National Oil Company (ADNOC) has hired Michael O'Dwyer, Morgan Stanley's global co-head of energy, as its chief investment officer, three sources familiar with the move told Reuters on Thursday. ADNOC did not respond to a request for comment, and Morgan Stanley and O'Dwyer declined to comment.
The appointment coincides with ADNOC's accelerated expansion through XRG, its investment arm. According to Reuters, the company is pursuing acquisitions in gas, chemicals and shipping to grow production, refining and trading capacity. The push follows the UAE's exit from OPEC, which has reshaped the country's production strategy and its ambitions beyond crude oil.
O'Dwyer has worked at Morgan Stanley since 2008, when he joined from Lehman Brothers. His move would bring deep energy-sector deal experience to ADNOC's investment function at a time when the state company is seeking to expand both at home and abroad.
Reuters noted Morgan Stanley's role in several of the largest recent energy transactions, including ExxonMobil's $65 billion acquisition of Pioneer Natural Resources in 2023 and Chevron's $53 billion acquisition of Hess in 2025. The bank also served as lead global coordinator and underwriter for Saudi Aramco's initial public offering.
The appointment coincides with ADNOC's accelerated expansion through XRG, its investment arm. According to Reuters, the company is pursuing acquisitions in gas, chemicals and shipping to grow production, refining and trading capacity. The push follows the UAE's exit from OPEC, which has reshaped the country's production strategy and its ambitions beyond crude oil.
O'Dwyer has worked at Morgan Stanley since 2008, when he joined from Lehman Brothers. His move would bring deep energy-sector deal experience to ADNOC's investment function at a time when the state company is seeking to expand both at home and abroad.
Reuters noted Morgan Stanley's role in several of the largest recent energy transactions, including ExxonMobil's $65 billion acquisition of Pioneer Natural Resources in 2023 and Chevron's $53 billion acquisition of Hess in 2025. The bank also served as lead global coordinator and underwriter for Saudi Aramco's initial public offering.
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