ADNOC and Aramco Sign Gas Pact

The Abu Dhabi National Oil Company (ADNOC) announced on the 12th November that it has signed a framework agreement with Saudi Aramco “to explore potential opportunities for collaboration in the natural gas and Liquefied Natural Gas (LNG) sectors”.

 

Under the terms of the agreement, ADNOC and Aramco will jointly assess investment opportunities across the LNG value chain which could unlock value and drive revenue growth for both companies, ADNOC revealed.

 

The companies will partner on techno-economic feasibility studies and exchange knowledge and experience in LNG growth markets, ADNOC said.

 

“The UAE and the Kingdom of Saudi Arabia have a strong relationship built on shared strategic interests. Increased cooperation between ADNOC and Saudi Aramco will ensure greater energy security and long-term economic prosperity for both nations,” Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said in a company statement.

 

“This agreement reinforces our strategy to undertake partnerships with forward-thinking partners who can help accelerate access to new growth centres of global demand. It will ensure that we are well positioned to secure greater returns from global LNG demand growth by combining the technological and operational expertise of two of the world’s leading national oil companies,” he added.

 

Amin Nasser, Saudi Aramco president and CEO, said, “we have shared strategic interest to expand our gas businesses, and this new agreement underlines our confidence in strong global gas demand growth”.

 

“Our cooperation further supports the corporate transformation strategy of both ADNOC and Saudi Aramco to pursue opportunities that help unlock greater value for both companies and meet the growing needs of stakeholders around the world that depend on our energy to develop and grow their economies,” he added.

 

In a statement on social media site Twitter, ADNOC said the companies signed the framework agreement “to capitalise on rising global LNG demand and to secure greater access to key growth markets”.

 

In a separate statement on the 12th November, ADNOC announced that it had signed a Memorandum of Understanding with Indian Strategic Petroleum Reserves Ltd to explore the possibility of storing ADNOC crude oil at ISPRL’s underground oil storage facility at Padur in Karnataka.

 

On the 10th November ADNOC announced that, on behalf of the Abu Dhabi government, it had signed an agreement with Total, granting it a 40 percent stake in the Ruwais Diyab Unconventional Gas Concession.

 

Source: Rigzone