Gas Oil World News

China, Abu Dhabi firms sign pact on exploration, oil refining, LNG trade

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 said.

 

Related posts

Petrolex sponsors 2018 Nigerian Oil & Gas Confab

By Olamilekan FAWAS

Tension at NNPC as PENGASSAN threatens strike

Our Reporter

Clean-up: FG promises potable water in Ogoniland

By Shile GIWA

Nigeria’s sweet crude bullish at $75 despite oil prices crashing to $69

Our Reporter

Nigeria’s earnings threatened as oil sheds $2.33/barrel

Our Reporter

Seplat Energy to end gas flaring by Q4  

Editor