The Abu Dhabi National Oil Company (Adnoc) has announced that it has signed a strategic framework agreement with the Russian Energy Agency to explore new opportunities for collaboration across the oil and gas value chain.
The framework agreement was signed by Abdulmunim Saif Al Kindy, Adnoc upstream executive director and Oleg Valerievich Zhdaneev, head of technology development division at Russian Energy Agency (REA).
Under the terms of the agreement, Adnoc and REA will jointly explore opportunities for collaboration in relation to Abu Dhabi’s exploration and production concessions. This potential for collaboration in relation to Abu Dhabi’s exploration and production concessions builds on the momentum of the successful conclusion of Abu Dhabi’s debut competitive exploration and production bid round.
Adnoc and REA will also evaluate collaboration opportunities in the liquefied natural gas, LNG, sector that could unlock value and drive revenue growth as Adnoc delivers on its integrated gas strategy approved by Abu Dhabi’s Supreme Petroleum Council, SPC, last year.
Both the companies have also agreed to explore potential opportunities for collaboration in marketing sales and trading projects in Abu Dhabi and internationally.
The framework agreement will see Adnoc and REA explore potential opportunities for collaboration in relation to technical and operational support exchanges in artificial intelligence and other advanced technologies that can help optimise performance and drive efficiencies.
A key pillar of Adnoc’s 2030 smart growth strategy is its expanded approach to partnerships and strategic investment, which is enabling it to drive efficiencies, improve performance, secure access to new centres of global demand, and unlock new and greater value from its resources and assets.
Al Kindy stated: “The comprehensive scope of the agreement and the unique capabilities of REA send a strong signal that Adnoc is ready and willing to engage with value-add partners that can help unlock and maximise value across our full value chain, for mutual benefit. We see significant potential for a successful partnership and look forward to further developing this framework agreement.”