Abu Dhabi National Oil Company (ADNOC) is stepping up its global energy expansion by exploring investment opportunities across Canada’s upstream oil and liquefied natural gas industries. The update was revealed by a senior executive on Tuesday during the Global Energy Show in Calgary.
Musabbeh Al Kaabi, Chief Executive Officer of ADNOC’s Upstream division, did not unveil specific investment plans for Canada. Still, he voiced optimism about the country’s renewed push to develop its energy sector. As the United Arab Emirates’ national energy champion, ADNOC has accelerated overseas investment in recent years, with XRG, its newly launched international investment arm, acting as the key vehicle for global expansion.
The strategic alignment runs both ways. Canada has been actively diversifying its energy export markets to reduce reliance on the United States amid tariff uncertainties. A visit by Canadian Prime Minister Mark Carney to the UAE late last year has laid a solid foundation for deeper bilateral energy cooperation.
Endowed with abundant hydrocarbon resources, Canada ranks as the world’s fourth-largest crude oil producer and fifth-largest natural gas producer. Its emerging LNG export industry has drawn widespread attention from global buyers. Tim Hodgson, Canada’s Minister of Natural Resources, noted that the country is positioning itself as a reliable energy supplier amid global market volatility. ADNOC already maintains a presence in Canada through Nova Chemicals, one of its portfolio companies with operations based in Alberta, creating a long-standing cooperative footing between the two sides.
The positive industry backdrop brings notable growth potential for two prominent Canadian energy names: Tourmaline Oil (TSX: TOU) and Enbridge (TSX: ENB).
As Canada’s largest natural gas producer, Tourmaline Oil has built substantial production scale over the years. The firm has expanded its natural gas liquids business, secured multiple export-linked contracts, and consistently returned value to shareholders. It hit record production volumes in 2026. Combined with recovering commodity prices and improving LNG export channels, the company’s growth momentum has strengthened. Backed by massive resource reserves, cost advantages and well-established infrastructure, Tourmaline sells its products across diverse markets, underpinning solid operational resilience.
The company delivers steady quarterly dividends, and regularly distributes special dividends when cash flow performs strongly, offering investors a blend of stable income and upside potential. Looking ahead, rising prices for natural gas liquids, optimized ethane extraction and expanded propane export access will further drive its financial performance. Its long-term layout in the LNG segment also unlocks considerable room for future development.
Enbridge, a global leading energy infrastructure firm, operates an extensive network transporting a large volume of crude oil across North America. It also runs the continent’s largest natural gas utility business, serving more than seven million customers. The company has maintained exceptional operational stability, meeting or exceeding its annual financial targets for 20 consecutive years. In 2026, Enbridge raised its dividend once again, marking 31 straight years of dividend growth, with its current dividend yield proving highly attractive for income-focused investors.
Against the backdrop of rising global demand for energy security and fresh capital inflows from the UAE, Canada’s LNG and broader energy sectors are entering a promising growth phase. Tourmaline Oil is well-positioned to reap dividends from industry expansion thanks to its core natural gas business and export capabilities, while Enbridge stands to benefit as the backbone of North America’s energy infrastructure. Both stocks present compelling long-term allocation value for investors.
