Mubadala, CNPC ink deal for oil, gas exploration
The agreement between Abu Dhabi's Mubadala Petroleum and China National Petroleum Corporation identifies potential areas for collaboration in the upstream oil and gas sector outside of the UAE
Mubadala Petroleum and China National Petroleum Corporation (CNPC) have signed an agreement to foster greater co-operation between the two companies in the oil and gas exploration and production sector.
The agreement identifies potential areas for collaboration in the upstream oil and gas sector outside of the UAE and, more specifically, new and existing projects including onshore conventional projects, offshore projects and LNG projects.
Mubadala Petroleum operates a growing portfolio of producing assets in South East Asia. The latest of these is Nong Yao, which is located in the Gulf of Thailand and came on stream in June 2015.
The company is now the second largest black oil producer in Thailand. It also has several other projects under appraisal and development in the region, a statement said.
Details of any specific opportunities, and technical or commercial discussions will remain confidential between the two parties, the statement added.
The non-binding strategic co-operation agreement was signed in Beijing by Dr Sultan Al Jaber, CEO Energy, Mubadala Development Company, on behalf of Mubadala Petroleum, and CNPC chairman Wang Yilin.
"This agreement reflects a growing level of dialogue between ourselves and CNPC, both nationally-owned companies with expanding international interests,” Musabbeh Al Kaabi, CEO, Mubadala Petroleum, said. “We welcome the continued strengthening of links between countries and companies across the traditional trading routes of the Middle East and Asia, a region where Mubadala Petroleum already has well established operations."
Li Yueqiang, director-general of International Department, CNPC, added: "Based on the successful story of CNPC's presence inside the UAE, I am convinced that this Agreement will be very conducive to further expanding our collaboration with the Abu Dhabi partners on a global scale. CNPC is poised to work closely with Mubadala Petroleum to make substantive progress soon, delivering value to both our companies."