Abu Dhabi National Oil Company is close to hiring JPMorgan Chase & Co. (NYSE:JPM) and First Abu Dhabi Bank P.J.S.C. (ADX:FAB) to help arrange the potential listing of its drilling business, ADNOC Drilling, according to people familiar with the matter. Adnoc is looking to sell a minority stake in its drilling unit in a deal that could value the business at up to $10 billion, the people said, declining to be named because the matter is private.

Although the state energy firm has yet to award formal mandates, the two banks are in pole position for a role on the IPO at the Abu Dhabi Securities Exchange, the people said. Adnoc may also appoint additional advisers, they said. Adnoc and JPMorgan declined to comment.

FAB didnt immediately respond to emails seeking comment.