The Malaysian oil company Petroliam Nasional Bhd ( Petronas ) and Abu Dhabi National Oil Company (ADNOC) has signed a key agreement together on jointly exploring opportunities in the low-carbon energy industry.
This is a first such partnership between the two state owned oil producers.
Abu Dhabi National Oil Company, in a statement said that ADNOC and Petronas will explore opportunities jointly for collaboration in development, exploration and production of conventional and unconventional hydrocarbon resources in the emirate of Abu Dhabi.
Past few years Abu Dhabi has carried out two oil and gas licensing rounds in its long term strategy to attract more international players to its domestic exploration and production sector.
The Chief Executive Officer of ADNOC Sultan Almed al Jaber said that
“agreement offers the potential for exciting opportunities for both companies to unlock and create value across the full oil and gas value chain,” as it prepares for a post-Covid-19 economy.
“ADNOC and Petronas have also agreed to explore potential partnership opportunities in trading, including the optimization of crude and feedstock supply and refined product offtake,”
“In addition, they will look to collaborate to identify technology solutions as well as on hydrogen and research and development in areas of mutual interest including enhanced hydrocarbon recovery and Carbon Capture Utilization and Storage (CCUS).”
The Oil Company said that it is exploring opportunities to work with South Korea GS Energy on blue Hydrogen and carrier fuel export such as blue ammonia.
In beginning of the year the Japan’s Ministry of Economy, Trade and industry signed its first fuel ammonia cooperation deal with ADNOC as Japan intends to develop its supply chain of blue ammonia.
For its downstream operations ADNOC currently produces around 300,00 mt/year of hydrogen.
