|22 July, 2019

ADNOC, CNOOC sign deal on exploration, oil refining, LNG trade

The companies will share the latest know-how in developing ultra-acidic natural gas fields, the report said

ADNOC Distribution service station.

ADNOC Distribution service station.

ADNOC/Handout via Thomson Reuters Zawya

BEIJING/SINGAPORE - China National Offshore Oil Co (CNOOC) has signed an agreement with Abu Dhabi National Oil Co (ADNOC) on upstream exploration and development, oil refining and liquefied natural gas trade, ADNOC said on Monday.

The agreement was signed during a three-day state visit to China by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed.

Under the agreement, the companies will share the latest know-how in developing ultra-acidic natural gas fields, according to ADNOC's statement.

They will consider using CNOOC's engineering arms, Offshore Oil Engineering Co Ltd and China Oilfield Services Ltd, as contractors for design, purchase and construction as well as oilfield service providers for ADNOC.

The two firms will also look at potential opportunities to work with both these companies on offshore oil and gas field assets in Abu Dhabi, the statement said.

They will look into working together on LNG marketing and purchasing.

In oil refining and petrochemicals, ADNOC will consider opportunities for investing in CNOOC's existing refineries, and potential collaborations in new integrated refining and petrochemical assets in China, the statement said.

(Reporting by Muyu Xu, Chen Aizhu and Dahlia Nehme in Dubai; editing by Christian Schmollinger and Jane Merriman) ((muyu.xu@thomsonreuters.com; +86 010 66271298;))

More From Energy