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Home Fossil Energy Report: ADNOC, CNOOC in “far-reaching” cooperation deal

Report: ADNOC, CNOOC in “far-reaching” cooperation deal

July 22, 2019, by Offshore Energy Today

The UAE state-owned oil company ADNOC has signed a framework agreement with China National Offshore Oil Corporation, CNOOC, for cooperation in upstream, downstream, and LNG sectors.

ADNOC CEO Sultan Ahmed Al Jaber and Yang Hua, Chairman of CNOOC
ADNOC CEO Sultan Ahmed Al Jaber and Yang Hua, Chairman of CNOOC / Image source: ADNOC

According to the Emirates News Agency, ADNOC and CNOOC signed a framework agreement on Monday in the presence of Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Xi Jinping, President of the People’s Republic of China.

The companies have committed to cooperation in the refining and petrochemical sector, sharing knowledge and best practices in the area of ultra-sour gas development, and LNG sale and purchases.

ADNOC CEO Sultan Ahmed Al Jaber said that the “far-reaching” agreement offered a wider potential for strategic collaboration in both the upstream and downstream

Yang Hua, Chairman of CNOOC, said the cooperation with ADNOC would help CNOOC “promote the development of its overseas oil and gas business, to diversify import resource and to optimize the integrated industrial chain of upstream, mid and downstream.”

Worth noting, the cooperation between two oil firms might be beneficial for China’s offshore oilfield services and engineering companies COSL and COOEC.

According to the Emirates News Agency, under the agreement, the two Chinese offshore services specialists COOEC and COSL might be included as qualified contractors in the existing and future oil and gas field assets in Abu Dhabi.

Following the initial publication in the UAE state media, the signing of the agreement was subsequently confirmed by ADNOC via social media.

Offshore Energy Today Staff

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