Gas Development Adnoc Signs MOU with China National Petroleum Corporation
The framework agreement has opened doors of discussion between the two companies. Business opportunities in offshore and sour gas development projects are currently in progress.
Abu Dhabi/UAE – 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 Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Chief Executive Officer 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.
In February, Adnoc signed an agreement with CNPC, awarding it an 8 % 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.