BP takeover speculation heats up as UAE oil giant ADNOC enters the fray for gas assets
BP logo is seen at a gas station in this illustration photo taken in Poland on March 15, 2025.
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UAE oil giant ADNOC has joined the fray of firms said to be circling some of BP‘s highly prized assets, as takeover speculation for the embattled energy major kicks into overdrive.
Abu Dhabi National Oil Company is thought to be weighing up a move for some of the London-listed firm’s assets, should the oil major break up or seek to divest more units, Bloomberg reported Wednesday, citing unnamed sources familiar with the matter.
ADNOC is reportedly most interested in BP’s liquefied natural gas (LNG) assets, although it is also said to have considered a full takeover of the company. It is understood by Bloomberg that any prospective deal would likely take place via ADNOC’s international unit, XRG.
Spokespeople at BP, ADNOC and XRG declined to comment on the speculation when contacted by CNBC.
A protracted period of underperformance relative to its industry peers has thrust BP into the spotlight as a prime takeover candidate. British rival Shell, as well as U.S. oil giants Exxon Mobil and Chevron, are among some of the names that have been touted as possible suitors.
Any potential deal between ADNOC and BP is seen as far from a foregone conclusion, but analysts point out that the two companies share a long-standing relationship across hydrocarbons and renewables over a range of geographies, most notably in Abu Dhabi and most recently in Egypt.
Former BP CEO Bernard Looney, who left the company after less than four years in the job in September 2023, sits on the XRG board alongside ADNOC CEO Sultan al-Jaber.
Maurizio Carulli, global energy and materials analyst at Quilter Cheviot, said ADNOC’s purported interest in some of BP’s assets is a “significant” development — albeit one that is somewhat expected, given ADNOC is a growing, cash-rich business looking to expand further into gas.
“That said, it seems unlikely that Adnoc would consider a full bid for BP as a whole given the company would not be strategically interested in BP’s oil assets. A few other listed oil majors might, though,” Carulli told CNBC by email.
“BP’s discrete assets, both upstream and downstream, will no doubt capture large interest from a number of both energy and private equity players,” he added.
Strategic reset
Last month, BP reportedly attracted interest from a number of possible buyers for its Castrol lubricants business, a unit thought to be one of the “crown jewels” of its portfolio.
Energy companies including India’s Reliance Industries and Saudi Arabia’s oil behemoth Aramco, as well as private equity firms Apollo Global Management and Lone Star Funds, were all previously touted as suitors for BP’s Castrol unit, Bloomberg reported on May 28, citing people familiar with the matter.
Apollo Global Management and Lone Star declined to comment on the report. CNBC has also contacted Reliance Industries and Aramco.
BP is seeking to fend off a prospective takeover by restoring investor confidence. The company launched a fundamental strategic reset earlier in the year and, despite posting weaker-than-expected first-quarter profit, CEO Murray Auchincloss told CNBC in late April that the firm was “off to a great start” in delivering on its new direction.
Shares of BP have stabilized in recent weeks, following a sharp fall in early April, as trade war volatility rocked financial markets. The stock price is down more than 4% in the year to date.
Allen Good, director of equity research at Morningstar, said it is unlikely BP will be prepared to split with significant pieces of its upstream portfolio, given the firm’s recent green strategy U-turn to double down on hydrocarbons.
Cars are seen at ADNOC gas station in United Arab Emirates on November 26, 2023.
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As part of BP’s strategic reset, the company announced plans to increase annual oil and gas spending to investment to $10 billion through 2027, while slashing spending on renewables. It is also targeting $20 billion in divestments over the coming years.
“Activist pressure has been more on further cost and capital reductions, not necessarily core divestitures. Breaking up the company is unlikely to be the solution shareholders are looking for,” Allen told CNBC by email.
‘A global energy and chemicals leader’
For XRG, which ADNOC launched last year, reports of interest in some of BP’s assets come as the investment company seeks deals on gas and chemicals assets to help it reach an enterprise value of $80 billion.
“We are committed to delivering long-term value for our stakeholders and reinforcing Abu Dhabi and the UAE’s role as a global energy and chemicals leader,” ADNOC’s al-Jaber said at the time.
Sultan Ahmed Al Jaber, chief executive officer of Abu Dhabi National Oil Co. (ADNOC) and president of COP28, during the CERAWeek by S&P Global conference in Houston, Texas, US, on Tuesday, March 11, 2025.
Bloomberg | Bloomberg | Getty Images
Russ Mould, investment director at AJ Bell, said any potential transactions between ADNOC and BP were likely to be hard-driven, with each party striving to defend its own interests.
“BP is under pressure to deliver on its goal to reduce debt, through improved organic cash flow and asset disposals,” Mould told CNBC.
“ADNOC will be well aware of this, and how the clock may be ticking so far as BP management is concerned, and it will therefore look to drive a hard bargain in the process, should it indeed be interested in some of BP’s assets, as reports suggest,” he added.
The Honda Ruckus has earned cult status thanks to its minimalist styling, exposed frame, and seemingly endless customizability. The scooter, also known in international markets as the Honda Zoomer, has spent years being seen as a blank canvas for scooter tuners, urban commuters, and anyone who just wanted something simple, small, and kind of weird to zip around town. A few years ago, Honda finally answered the call for an updated version by announcing and producing the “Zoomer e:”, which was an electric version of the Honda Ruckus. So where is it?
When Honda launched the all-electric version of the Ruckus, the Zoomer e:, back in 2023, many fans hoped it was only a matter of time before we saw it quietly glide onto U.S. streets.
But two years later, there’s still no sign of a stateside release, and no indication that Honda plans to change that anytime soon.
The Zoomer e: was first introduced in China in early 2023 alongside two other retro-inspired electrics: the Cub e: and Dax e:.
The Zoomer e: keeps the stripped-down, industrial look of the classic gas-powered Ruckus, but swaps the 49cc engine for a 400W rear hub motor and a 48V 24Ah battery (around 1.15 kWh).
It was originally given a top speed of a mere 25 km/h (15.5 mph) to keep it street legal as an electric bicycle in its first market of China, where it also came with functional but stubby pedals so riders could pretend it was actually pedalable.
The first version of the electric scooter claimed a range of up to 80–90 km (50–56 miles) from its removable lithium-ion battery, depending on conditions.
We’ve since seen the performance bumped up to 40 km/h (25 mph) top speeds when the scooter was introduced into the Philippines market, where the local L1B classification allowed for higher speeds. It’s fairly obvious that the performance can be software-tweaked by Honda depending on the market, though likely to a limit. To achieve speeds much higher than 25 mph, a motor and controller swap may be required, though neither would be complicated.
In other words, the electric Ruckus’ debut revealed an ultra-lightweight, street-legal runabout designed for countries with expansive low-speed e-bike laws. But in the U.S., these types of quasi-e-bikes that are actually scooters are few and far between. The same performance can be had from a $1,000 electric bicycle, and in fact, Class 3 e-bikes in the US can go nearly twice as fast as the original electric Ruckus.
So Honda obviously hasn’t been in a rush to bring its low-spec version of the bike to the US market, where it would be a slower and heavier competitor to the wide range of cheap imported electric bicycles. However, its iconic design and cultural legacy have kept enthusiasm up for riders who have managed to privately import their own models. One Redditor appears to have imported two Honda Zoomer e: models in parts to assemble in the US, while someone else posted a YouTube video of his completely assembled Honda Dax e: model that was launched along the Zoomer e:.
Despite clear consumer interest and a growing market for low-speed electric vehicles, as well as Honda’s own proven interest in growing its electric scooter market, the company hasn’t made any moves to release the Zoomer e: in the US. That’s not surprising since America still lacks a robust electric scooter culture (or even a gasoline scooter culture, for that matter), and anything motorcycle-shaped that doesn’t hit 30+ mph tends to get passed over by mainstream buyers.
But perhaps that could change one day. Technically, bringing the Zoomer e: to the US wouldn’t be a monumental task for Honda. The U.S. is a self-certify country, meaning Honda could design a version that meets federal vehicle safety standards, beef up the motor and controller for higher speeds, and sell it as either a Class 2/3 e-bike, or perhaps more appropriately, as a low-speed motorcycle with a top speed in the 35-45 mph range (55-70 km/h).
With the rise of micromobility, electrification, and growing frustration with car-centric cities, now might actually be the perfect time for a reborn electric Ruckus to hit US roads. But until Honda decides to take that step, American riders will have to keep dreaming – or start importing.
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BMW Motorrad’s futuristic electric scooter just got its first real refresh since beginning production in 2021. The BMW CE 04, already one of the most capable and stylish electric maxi-scooters on the market, now gets a set of upgraded trim options, new aesthetic touches, and a more robust list of features that aim to make this urban commuter even more appealing to riders looking for serious electric performance on two wheels.
The BMW CE 04 has always stood out for its sci-fi styling and high-performance drivetrain. It’s built on a mid-mounted liquid-cooled motor that puts out 31 kW (42 hp) and 62 Nm of torque. That’s enough to rocket the scooter from 0 to 50 km/h (31 mph) in just 2.6 seconds – quite fast for anything with a step-through frame.
The top speed is electronically limited to 120 km/h (75 mph), making it perfectly capable for city riding and fast enough to hold its own on highway stretches. Range is rated at 130 km (81 miles) on the WMTC cycle, thanks to the 8.9 kWh battery pack tucked low in the frame.
But while the core performance hasn’t changed, BMW’s 2025 update focuses on refining the package and giving riders more options to tailor the scooter to their taste. The new CE 04 is available in three trims: Basic, Avantgarde, and Exclusive.
The Basic trim keeps things clean and classic with a Lightwhite paint scheme and a clear windshield. It’s subtle, sleek, and very much in line with the CE 04’s clean-lined aesthetic. The Avantgarde model adds a splash of color with a Gravity Blue main body and bright São Paulo Yellow accents, along with a dark windshield and a laser-engraved rim. The top-shelf Exclusive trim is where things get fancy, with a premium Spacesilver metallic paint job, upgraded wind protection, heated grips, a luxury embroidered seat, and its own unique engraved rim treatment.
There are also a few new tech upgrades baked into the options list. Riders can now spec a 6.9 kW quick charger that reduces the 0–80% charge time to just 45 minutes (down from nearly 4 hours with the standard 2.3 kW onboard charger). Tire pressure monitoring, a center stand, and BMW’s “Headlight Pro” adaptive lighting system are also available as add-ons, along with an emergency eCall system and Dynamic Traction Control.
BMW has kept the core riding components in place: a steel-tube chassis, 15-inch wheels, Bosch ABS (with optional ABS Pro), and the impressive 10.25” TFT display with integrated navigation and smartphone connectivity. The under-seat storage still swallows a full-face helmet, and the long, low frame design means the scooter looks like something out of Blade Runner but rides like a luxury commuter.
With these updates, BMW seems to be further cementing the CE 04’s role at the high end of the electric scooter market. It’s not cheap, starting around €12,000 in Europe and around US $12,500 in the US, with prices going up from there depending on configuration. However, the maxi-scooter delivers real motorcycle-grade performance in a package that’s easier to live with for daily riders.
Electrek’s Take
I believe that the CE 04’s biggest strength has always been that it’s not trying to be a toy or a gimmick. It’s a real vehicle. Sure, it’s futuristic and funky looking, but it delivers on its promises. And in a market that’s still surprisingly sparse when it comes to premium electric scooters, BMW has had the lane mostly to itself. That may not last forever, though. LiveWire, Harley-Davidson’s electric spin-off brand, has teased plans for a maxi-scooter-style urban electric vehicle in the coming years, but as of now, it remains something of an undefined future plan.
Meanwhile, BMW is delivering not just a concept bike but a mature, well-equipped, and ready-to-ride electric scooter that keeps improving. For riders who want something faster and more capable than a Class 3 e-bike but aren’t ready to jump to a full-size electric motorcycle, the CE 04 hits a sweet spot. It delivers the performance and capability of a commuter e-motorcycle, yet with the approachability of a scooter. And with these new trims and upgrades, it’s doing it with even more style.
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