CNOOC, ADNOC Join Hands in Energy Exploitation, Refining

China National Offshore Oil Corporation (CNOOC) and Ab Dhabi National Oil Company (ADNOC) agreed to seek cooperation in the petrochemical and liquefied natural gas (LNG) industries including energy exploration and development and oil refining in Beijing on July 22.

According to the framework agreement, CNOOC and ADNOC will share their latest technologies and practices in development of super-acid gas fields to improve drilling operations and the efficiency of acid gas processing and treatment.

Meanwhile, the two companies will work together to optimize gas field and petroleum reservoir exploitation.

Offshore Oil Engineering Co., Ltd. (COOEC) and China Oilfield Services Limited, both subsidiaries of CNOOC, are also under consideration to become design, purchase and construction contractors to ADNOC in addition to being among its oil field service providers.

The two sides will seek potential LNG business, share experiences and technologies in this field and evaluate possible cooperation and joint investment chances in LNG value chains.

The two companies have agreed on some win-win moves which include cooperation in integration of the refining and chemical industries and deepening petrochemical industrial chains.

(Executive editor: Hao Wen)