Abu Dhabi: Abu Dhabi National Oil Company (ADNOC) and Shell Abu Dhabi B.V. (Shell) signed a Memorandum of Understanding (MoU) on Monday under which Shell will evaluate potential joint exploration, development and production with ADNOC of offshore deep gas fields prospects in Abu Dhabi.

Once the evaluation is completed, Shell hopes to move forward rapidly with final agreements in order to quickly begin joint exploration and development activities.

Shell is a Joint Venture partner with ADNOC in the Abu Dhabi Onshore Company (ADCO) with an interest of 9.5 per cent and in the Abu Dhabi Gas Industries Ltd (GASCO) with an interest of 15 per cent.

Shell's involvement in the Emirate of Abu Dhabi began in 1939 as shareholder of Petroleum Development (Trucial Coast) Ltd and it remains committed to its joint ventures in Abu Dhabi, while contributing to sustainable development in the oil and gas industry.