• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 6 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 12 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 13 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 5 days Wind droughts
  • 2 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 3 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 9 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 day Xi Is Set To Be Re-Elected As China’s Leader
  • 7 days Oil Prices Fall After Fed Raises Rates
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 12 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)

UAE, Chinese State Firms To Boost Oil & LNG Cooperation

The Abu Dhabi National Oil Company (ADNOC) signed on Monday a strategic cooperation agreement with China National Offshore Oil Corporation (CNOOC) as one of OPEC’s largest producers agreed to explore upstream and downstream opportunities and liquefied natural gas (LNG) cooperation with the world’s top oil and natural gas importer.

The deal is part of ADNOC’s strategy to boost cooperation with foreign firms in exploration and production, as well as in the downstream segment, in order to lock in future demand for its oil and gas.

For China, the agreement would boost CNOOC’s presence in the overseas market, potentially ensure diversification of oil and LNG supplies, and strengthen its energy cooperation in the Middle East, in OPEC’s third-largest producer, the UAE, in particular.

Last year, ADNOC announced its intention to expand downstream operations in and outside the UAE, “to take full advantage of the rising demand for higher value refined and petrochemical products, particularly in the growth economies of China and Asia.”

“The future collaboration opportunities agreed today with CNOOC reinforce ADNOC’s strategic approach to partners that offer technology, capital or market access to maximise value from Abu Dhabi’s vast oil and gas resources. In addition, the collaboration opportunities underpin our 2030 smart growth strategy as well as our focus on key economies and Asian growth markets such as China,” UAE Minister of State and ADNOC Group CEO, Sultan Ahmed Al Jaber, said at the signing of today’s agreement, as carried by Emirates News Agency. 

In the past two years, ADNOC and Abu Dhabi launched the UAE’s first competitive bid rounds for oil and gas exploration of conventional and unconventional resources, and continues to sign major deals to boost its downstream business, aiming to lock in future demand for its crude oil.

ADNOC has also signed strategic partnership agreements with Italy’s Eni and Austria’s OMV to create a trading joint venture, and aims to significantly boost its oil trading business.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News