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 Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
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FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.