(MENAFN- Khaleej Times) The Abu Dhabi National Oil Company (Adnoc) has signed a framework agreement with the China National Petroleum Corporation (CNPC) covering various areas of potential collaboration, including potential offshore opportunities and the sour gas development projects.
The MoU was signed by Sultan Ahmed Al Jaber, UAE Minister of State and CEO of Adnoc Group, and Wang Yilin, CNPC chairman. It 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.
Dr Al Jaber said: "We are keen to work with partners who can share technology and capital and 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."
In February, Adnoc signed an agreement with CNPC, awarding it an eight 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.
Yilin said: "This framework agreement marks a new stage in CNPC's partnership with Abu Dhabi and Adnoc. We look forward to continuing the good faith discussions."
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