China National Offshore Oil Corporation ( CNOOC ) and Petroliam Nasional Berhad ( PETRONAS ) has announced that both the company’s have signed Memorandum of Understanding (MoU) together to pursue Mutual growth through closer collaboration.
PETRONAS in a statement said that signing Memorandum of Understanding (MoU) with CNOOC will elevates the long-standing relationship between the two parties from primarily Liquefied natural gas (LNG) and upstream the shared common projects which are energy security and cleaner energy solutions.
The partnership between China’s largest offshore oil and gas producer and PETRONAS was signed by the Senior Vice President of Corporate Strategy of PETRONAS and Mazuin Ismail and CNOOC Vice President, Huo Jian.
The signing was witnessed by CNOOC Group President, Li Yong, PETRONAS’ Executive Vice President, Adnan Zainal Abidin and Chief Executive Officer of Gas + New Energy.
Both the organisations will intensify their collaborated projects in refining, LNG, upstream exploration and development projects, oilfield and engineering services, lubricants, specialty chemicals as well as renewable energy.
Petroliam Nasional Berhad ( PETRONAS ) in a statement said that
“In addition to LNG supply, PETRONAS and CNOOC will also collaborate to grow the use of natural gas as a cleaner marine fuel through LNG bunkering solutions,”
“In support of the International Maritime Organisation regulations on the reduction of greenhouse gas emissions from ships,”
“Through the MoU, PETRONAS and CNOOC will explore the establishment of a global bunkering supply network, leveraging on both companies’ experience in LNG bunkering.”
CNOOC and PETRONAS’s relationship dates back to 2006 in LNG space with the conclusion of a 25 year LNG supply agreement for over 3 million tonnes per annum with Shanghai LNG Co. ltd.
The forty five percent of Shanghai LNG Co is owned by CNOOC.
Through its subsidiary (PC Carigali Mexico Operations S.A. de C.V), PETRONAS obtained a 30% equity share in deepwater Block 4located in the waters of the Perdido Foldbelt, and operated by CNOOC.
