ADNOC & CNPC COLLABORATION
OGJ - 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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AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.