Petronas inks MoUs with Abu Dhabi National Oil Company, MASDAR

The MoU with ADNOC spans the entire oil and gas value chain wherein ADNOC welcomes Petronas to seek opportunities to collaborate in the exploration, development, and production of Abu Dhabi's significant conventional and unconventional resources.

"The scope extends into potential research and development and applied technology cooperation in enhanced hydrocarbon recovery, carbon capture, utilisation and storage, gas sustainability, specialty chemicals, unconventional resources, and hydrogen technologies.

"In the downstream sector, Petronas and ADNOC will explore cooperation in trading, including the supply of crude and feedstock and the offtake of refined products. Both parties will also assess domestic and international opportunities to maximise value creation down the chain," Petronas said in a statement today.

Another potential is in the area of fuel bunkering and in supporting LNG (liquefied natural gas) bunkering vessels at ports in the UAE and the region, it said.

Petronas president and group chief executive officer Tengku Muhammad Taufik Tengku Aziz said the collaboration with ADNOC bears strong testimony to the shared vision of both organisations to pursue value creation through progressive and cleaner energy solutions as Petronas navigates the challenges of an accelerating energy transition.

"We look forward to working together with ADNOC to address the growing energy demand in a responsible and sustainable way," he said.

Meanwhile, Petronas said the MoU with Masdar will see both companies working together to pursue clean energy projects across Asia and the Middle East, covering renewable energy and green hydrogen.

"Both parties will explore joint participation in large-scale solar and wind opportunities for utilities, commercial and industrial customers, focusing primarily on Asia.

"The collaboration with Masdar will complement Petronas' growing renewables portfolio under its renewable energy arm, PETRONAS New Energy, which currently has over one gigawatt of solar capacity inoperation and development in India and Southeast Asia," it added.