ADNOC, CNPC agree to offshore collaboration

Abu Dhabi National Oil Co. (ADNOC) and China National Petroleum Corp. (CNPC) signed an agreement covering potential collaboration, including potential offshore opportunities and the sour gas development projects.

Abu Dhabi National Oil Co. (ADNOC) and China National Petroleum Corp. (CNPC) signed an agreement covering potential collaboration, including potential offshore opportunities and the sour gas development projects.

The agreement covers discussions between the two companies on possible CNPC participation in the Lower Zakum, Umm Shaif, and Nasr areas as well as the Bab, Bu Hasa, Ghasha and Hail sour gas development projects.

ADNOC is seeking partners to help drive its upstream business and maximize returns from offshore assets.

In February, ADNOC signed an agreement in which CNPC acquired an 8% interest in Abu Dhabi’s onshore oil concession operated by ADNOC Onshore. The 40-year agreement has an effective date of Jan. 1, 2015.

CNPC also has oil and gas assets and interests in 37 countries in Africa, Central Asia-Russia, America, the Middle East, and Asia-Pacific.

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