UAE - Mubasher: The Abu Dhabi National Oil Company (ADNOC) has entered into its first strategic agreement with Malaysia's Petroliam Nasional Berhad (Petronas) to explore collaboration opportunities across the oil and gas value chain.
Under the agreement, both companies will cooperate in exploring, developing, and producing conventional and unconventional hydrocarbon resources in Abu Dhabi, according to a press release on Wednesday.
At the same time, ADNOC and Petronas will jointly study strategic opportunities for domestic and international collaboration in the downstream sector, including the support of liquefied natural gas (LNG) bunkering vessels.
Among the opportunities in Abu Dhabi is TA’ZIZ company, which aims to develop industrial projects in Ruwais in Abu Dhabi and promote the UAE’s economic diversification.
Both companies will also discover potential partnership opportunities in trading, including optimisation of crude and feedstock supply and refined products offtake.
ADNOC and Petronas will also consider collaborating in technology solutions and hydrogen and research and development (R&D).
The UAE Minister of Industry and Advanced Technology, ADNOC Managing Director, and Group CEO, Sultan Ahmed 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 we shape our businesses for a post-Covid economy."
The President and Group CEO of Petronas, Tengku Muhammad Taufik, commented: "PETRONAS believes the collaboration with ADNOC bears strong testimony to the shared vision of both organizations to pursue value creation through progressive and cleaner energy solutions as we navigate the challenges of an accelerating energy transition."
