ADNOC Signs Framework Agreement with CNPC to Expand Partnership
The MoU was signed by H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Chief Executive Officer of ADNOC Group, and H.E. 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.
H.E. Dr. Al Jaber said: “In support of our 2030 smart growth strategy we are focused on creating the greatest value from our partnerships to capitalize on our oil and gas reserves and maximise the returns from our offshore assets.
“We are keen to work with partners who can share technology and capital, 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 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.
H.E. Wang 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 which have already taken place and making progress on strengthening our relationship with ADNOC.”
CNPC is China's largest oil and gas producer and supplier, as well as one of the world's major oilfield service providers. It produces 52% of China’s crude oil and 71% of its natural gas production. CNPC also has oil and gas assets and interests in 37 countries in Africa, Central Asia-Russia, America, the Middle East, and Asia-Pacific.