Abu Dhabi National Oil Company (Adnoc) has signed a key agreement with Malaysia's Petronas as the state-controlled oil and gas giants set their sights on jointly exploring opportunities in the United Arab Emirates.
The companies will look at potentially linking up on exploration, development and production of conventional and unconventional resources in Abu Dhabi, Adnoc said.
Abu Dhabi has carried out two oil and gas licensing rounds during the past few years, awith its long-term strategy is aimed at attracting more international players to its domestic exploration and production sector.
Adnoc said the agreement “highlights the potential of Abu Dhabi’s vast untapped oil and gas resources and Adnoc’s approach to leveraging strategic partnerships to accelerate the exploration and development".
Adnoc chief executive Sultan Almed al Jaber said the “agreement offers the potential for exciting opportunities for both companies to unlock and create value across the full oil and gas value chain,” as it prepares for a post-Covid-19 economy.
The agreement will also see the two companies assessing “strategic opportunities for domestic and international collaboration across the downstream sector".
In addition, the two companies aim to identify technology solutions involving hydrogen, enhanced hydrocarbon recovery and carbon capture, utilisation and storage, Adnoc said.