Abu Dhabi National Oil Company (Adnoc) and China National Offshore Oil Corporation (CNOOC) have signed a deal to explore new opportunities for collaboration in both the upstream and downstream sectors as well as in liquefied natural gas, writes Anamaria Deduleasa.

Under the pact, Adnoc and CNOOC have also agreed to share knowledge, best practices and latest proven technologies in the area of ultra-sour gas development, with the aim of improving operational efficiency in sour gas processing and treatment.

The deal is aimed at delivering efficiency, performance and reliability for sour gas drilling operations, and improving field and reservoir development plans, the pair said.

In addition, Adnoc and CNOOC have agreed to explore jointly potential LNG sales and purchase opportunities, sharing specific knowledge and expertise in LNG markets, and evaluate potential partnerships and joint-investment opportunities across the entire LNG value chain.

The parties will consider China’s Offshore Oil Engineering Corporation (COOEC) as a qualified contractor for engineering, procurement and construction opportunities, and China Oilfield Services Ltd as a qualified supplier of oilfield services.

The companies will explore potential opportunities to collaborate with the contractors in existing and future offshore oil and gas field assets in Abu Dhabi.

Adnoc chief executive Sultan Ahmed al-Jaber said: “The collaboration opportunities underpin our 2030 smart growth strategy as well as our focus on key economies and Asian growth markets such as China.”

Yang Hua, chairman of CNOOC added: “The agreement will further deepen China’s energy co-operation with countries along the Belt and Road route, building a closer community of shared future in the energy sector.”

Adnoc has also signed a comprehensive strategic framework (CSF) with Indonesia’s state oil company Pertamina.

As part of the CSF, Adnoc and Pertamina will evaluate collaboration opportunities across the upstream, midstream and downstream sectors. The scope of projects under consideration includes participation in the United Arab Emirate’s upstream oil and gas sector, as well as refining and petrochemicals, LNG, LPG, aviation fuel and fuel retail opportunities in Indonesia.

In addition, the two partners will explore other forms of strategic collaboration with respect to opportunities across transportation, trading and storage in the UAE, Indonesia and globally.

Weekly

Adnoc and CNOOC in link-up