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The Abu Dhabi National Oil Company (ADNOC) plans to collaborate with Malaysian oil and gas company Petronas.
Under the deal the pair will jointly explore opportunities to collaborate in the production of conventional and unconventional hydrocarbon resources in Abu Dhabi, ADNOC said in a statement carried by WAM, the official UAE news agency.
“The agreement is a natural evolution of the strong ties between the UAE and Malaysia and provides an opportunity to deepen the relationship through strategic energy cooperation,” said ADNOC CEO Sultan Al-Jaber.
It also allows both companies to jointly assess opportunities for domestic and international collaboration across the downstream sector.
Among the opportunities in Abu Dhabi is TA’ZIZ which is driving the development of industrial projects in Ruwais, Abu Dhabi and in fuel oil bunkering and support of liquefied natural gas (LNG) bunkering vessels, ADNOC said.
ADNOC and PETRONAS have also agreed to explore potential partnership opportunities in trading including optimization of crude and feedstock supply and refined products offtake.
In addition, they will look to work together to identify technology solutions as well as on hydrogen projects, enhanced hydrocarbon recovery and carbon capture utilization and storage.
