Petronas, ADNOC to explore upstream, downstream collaboration

March 11, 2021
Petronas signed a strategic framework agreement with ADNOC to explore opportunities for collaboration across the upstream and downstream sectors as well as in trading and technology.

Petroliam Nasional Berhad (Petronas) signed a strategic framework agreement with Abu Dhabi National Oil Co. (ADNOC) to explore opportunities for collaboration across the upstream and downstream sectors as well as in trading and technology.

Under the terms of the agreement, the companies will jointly explore opportunities for collaboration in the exploration, development, and production of conventional and unconventional hydrocarbon resources in the Emirate of Abu Dhabi.

The scope extends into potential R&D and applied technology cooperation in enhanced hydrocarbon recovery, carbon capture, utilization and storage, gas sustainability, specialty chemicals, unconventional resources, and hydrogen technologies.

In the downstream sector, Petronas and ADNOC will explore cooperation in trading, including the supply of crude and feedstock and the offtake of refined products. Both parties will also assess domestic and international opportunities. Another potential is in fuel bunkering and in supporting LNG bunkering vessels at ports in the UAE and the region.