Abu Dhabi
Abu Dhabi National Oil Company (Adnoc) has signed a framework agreement, with the China National Petroleum Corporation (CNPC) covering various areas of potential collaboration in offshore and the sour gas development projects.
The agreement covers discussions between the two companies on possible CNPC participation in the Lower Zakum, Umm Shaif and Nasr concession areas and the Bab, Bu Hasa, Ghasha and Hail sour gas development projects, as well as other related projects.
In February, Adnoc signed an agreement with CNPC, awarding it an 8 per cent interest in Abu Dhabi’s onshore oil concession, operated by Adnoc Onshore. The agreement has a term of 40 years, backdated to January 1, 2015.
“We are keen to work with partners who can share technology and capital, enable market access. Equally, we want partners who can deploy world-class engineering solutions for our mutual benefit, ultimately enabling us to drive a more profitable upstream business and strong returns to Abu Dhabi and the wider UAE,” said Adnoc CEO Sultan Ahmad Al Jaber in a statement.
CNPC is China’s largest oil and gas producer and supplier, as well as one of the world’s major oilfield service providers. It produces 52 per cent of China’s crude oil and 71 per cent of its natural gas production. It also has oil and gas assets and interests in 37 countries in Africa, Central Asia-Russia, America, the Middle East, and Asia-Pacific.
