China National Offshore Oil Co (CNOOC) signed a memorandum of understanding (MOU) with Abu Dhabi National Oil Co (ADNOC) on upstream exploration and development, state-backed China News Agency reported on Monday.
The pact also covers oil refining and liquefied natural gas (LNG) trade.
The MOU was signed on the sideline of a state visit by Abu Dhabi Crown Prince Mohammed Zayed.
Under the agreement, companies will share the latest know-how in developing ultra-acidic natural gas fields, the report said, citing a statement from CNOOC Group.
The two companies will consider enlisting CNOOC’s engineering arms, Offshore Oil Engineering Co Ltd. (600583.SS) and China Oilfield Services Ltd. (601808.SS) as contractors for design, purchase and construction as well as oilfield service providers for ADNOC.
The companies will also explore cooperating in LNG marketing and purchases.
In the downstream oil refining and petrochemicals sector, ADNOC will look into opportunities for investing in CNOOC’s existing refineries, the report
