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CNOOC and ADNOC sign agreement covering LNG trade

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LNG Industry,

According to Reuters, China National Offshore Oil Co. (CNOOC) and Abu Dhabi National Oil Co. (ADNOC) have signed an agreement on upstream exploration and development, oil refining and LNG trade.

Under the terms of the agreement, Reuters claims that both parties will share their knowledge in developing ultra-acidic natural gas fields. In addition to this, they will consider using CNOOC’s engineering arms, Offshore Oil Engineering Co. Ltd and China Oilfield Services Ltd, as contractors for design, purchase and construction, as well as oilfield service providers for ADNOC.

Reuters reports that the two firms will also look into possible opportunities to work alongside these companies on offshore oil and gas field assets in Abu Dhabi. In addition to this, they will also look into cooperating in LNG marketing and purchasing.

According to Reuters, ADNOC will consider opportunities to invest in existing refineries owned by CNOOC, and possible collaborations in new integrated refining and petrochemical assets in China.

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