Potential Energos Deal Tops $3 Billion, With XRG Among Bidders
Key Facts
Apollo Global Management is weighing strategic options for Energos Infrastructure in a deal that could exceed $3 billion, according to a Reuters report published on September 17, 2026. The options include a full sale of the company or the sale of a stake, while XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), was named among potential bidders. The report described an offer that would give XRG a stake of up to 50% in Energos. But sources cited by the report cautioned that the deal might not go ahead. It could not be verified that XRG had become the front-runner or that talks had entered their final stages.
Energos' value centers on floating infrastructure that enables LNG to be received, stored and regasified, as well as cargoes to be transported. Reuters said the company operates 13 vessels, including 9 units that provide storage and regasification, two storage vessels and two LNG carriers. Energos says on its official website that its fleet comprises 13 vessels and that its services give customers access to LNG, storage and regasification at import terminals. These operating assets differ from gas fields and liquefaction projects, which produce gas or convert it into LNG. This type of infrastructure can connect supplies with importing markets, according to the company's description of its services.
Reuters reported that Energos' assets are deployed under long-term commercial arrangements in Brazil, Egypt, Indonesia, Mexico and the Netherlands. The company adds the Dominican Republic, Jordan and Puerto Rico to the list of markets where it deploys assets. This footprint puts its fleet across multiple markets, with asset operations reliant on long-term agreements, according to the report. Energos was founded in 2022 as a partnership between Apollo and New Fortress Energy. In August of that year, New Fortress said in an annual filing that it had transferred ownership of 11 vessels to the company for about $1.85 billion in cash and a 20% equity stake.
According to Reuters, Apollo bought New Fortress' 20% stake in January 2024, while New Fortress said in its annual filing that it sold most of its stake in Energos in February 2024. This sequence traces the company's ownership since its founding, before Apollo began weighing strategic options for it. The September report did not confirm that a sale had been completed or that a final buyer had been selected. Nor does XRG's inclusion among potential bidders alone establish that it will acquire the company or a specific stake. The potential deal's value and scope therefore remain tied to the review process and the options Apollo is considering.
XRG's potential interest comes amid an announced international expansion in gas and LNG, but the available facts contain no details confirming a link between its other investments and the Energos deal. Reuters said XRG aims to build an integrated global gas and LNG business with capacity of up to 25 million tons a year by 2035. During 2026, the company bought an additional 7.6% stake in two LNG trains at the Rio Grande project in Texas, and joined Eni to acquire minority stakes in 3 exploration blocks in Argentina. On November 3, 2026, XRG announced an agreement to acquire Shell's stake in Australia's North West Shelf project for $1.45 billion, subject to regulatory approvals and customary closing conditions. The company said the project has liquefaction capacity of 14.3 million tons a year and remaining resources of 4.4 trillion cubic feet equivalent, and that the deal would be its first investment in Australian LNG.
In Azerbaijan, XRG announced on September 26, 2026, a final investment decision for the next phase of development at the offshore Absheron field, where it holds a 30% stake. The company expects production from the expansion to begin in 2029, with output rising to 600 million cubic feet of gas a day and 47,000 barrels of condensate a day. These figures are announced targets for the Absheron project and provide no evidence of the outcome of Energos talks. The Energos deal process depends on what Apollo decides after exploring options for a full or partial sale. The available facts contain no official announcement of a binding agreement or a completion date.