Abu-Dhabi owned ADNOC recently investigated to possibility of buying British energy giant BP, according to media reports.
Abu Dhabi National Oil Company (ADNOC) did not pursue the option, said Reuters in a report citing un-named people familiar with the matter.
According to reports ADNOC chose not to pursue the possible purchase for strategic and political reasons.
Abu Dhabi eyed BP purchase
Although ADNOC did not pursue any deal for the British oil firm, which is valued at around $110bn, the two firms held direct discussions and consulted investment banks on a potential deal, the reports claimed.
In mid-day trading following the reports of a mooted takeover BP shares climbed by more than 3 per cent.
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