KUALA LUMPUR, Dec\u00a06 (NNN-Bernama) — PETRONAS Abu Dhabi Sdn Bhd, a wholly-owned subsidiary of PETRONAS, has inked a historic agreement with Abu Dhabi National Oil Company (ADNOC)\u00a0to explore and appraise Unconventional Onshore Block 1 covering a 2,000-square km concession in the Al Dhafra region.<\/p>\n\n\n\n
This development is a red-letter day for the company, PETRONAS president and group chief executive officer Tengku Muhammad Taufik said. <\/p>\n\n\n\n
\u201cI am very pleased to note that the United Arab Emirates (UAE) and Malaysia\u2019s long and fruitful bilateral ties have progressed to a partnership between PETRONAS and ADNOC.<\/p>\n\n\n\n
\u201cPETRONAS is honoured to have this opportunity to explore and appraise unconventional energy with a progressive and forward-looking partner such as ADNOC,\u201d he said in a statement here Tuesday.<\/p>\n\n\n\n
The agreement was signed by Tengku Muhammad Taufik and UAE Minister of Industry and Advanced Technology and ADNOC managing director and group CEO Dr Sultan Ahmed Al Jaber.<\/p>\n\n\n\n
It was witnessed by the Yang di-Pertuan Agong Al-Sultan Abdullah Ri\u2019ayatuddin Al-Mustafa Billah Shah and UAE President Sheikh Mohamed bin Zayed Al Nahyan.<\/p>\n\n\n\n
Also present was International Trade and Industry Minister Tengku Zafrul Abdul Aziz.<\/p>\n\n\n\n
Tengku Muhammad Taufik said the partnership bears strong testament PETRONAS\u2019 deep unconventional expertise in Canada and Argentina which it developed over the last decade.<\/p>\n\n\n\n
\u201cWe look forward to bringing this experience to the world-class resources in Abu Dhabi. It will also see PETRONAS widen its global unconventional energy footprint to include the United Arab Emirates in its existing portfolio,\u201d he added.<\/p>\n\n\n\n
Meanwhile, Al Jaber said the UAE is delighted to partner with PETRONAS on the historic unconventional oil concession.<\/p>\n\n\n\n
\u201cThis award ushers a new chapter of strategic energy cooperation in the longstanding relationship between the UAE and Malaysia, and it reinforces the UAE\u2019s position as a trusted investment destination,” he said.<\/p>\n\n\n\n
He added: \u201cAs one of the least carbon intensive oil and gas producers, ADNOC will continue to responsibly unlock value from Abu Dhabi\u2019s vast hydrocarbon resources in a reliable and sustainable manner, to drive local economic growth and support global energy security, in line with the wise directives of the UAE\u2019s leadership.<\/p>\n\n\n\n
\u201cAs such, we have driven the de-risking of Abu Dhabi\u2019s unconventional oil resources and look forward to building on this with PETRONAS to realise the full potential of Unconventional Onshore Block 1.\u201d<\/p>\n\n\n\n
PETRONAS will hold 100 per cent equity and operatorship to explore and appraise unconventional oil in the concession area for a period up to six years.<\/p>\n\n\n\n
Following a successful appraisal phase, the partners can enter a production concession which ADNOC has the option to hold a 50 per cent stake in.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Dec\u00a06 (NNN-Bernama) — PETRONAS Abu Dhabi Sdn Bhd, a wholly-owned subsidiary of PETRONAS, has inked a historic agreement with Abu Dhabi National Oil Company (ADNOC)\u00a0to explore and appraise Unconventional Onshore Block 1 covering a 2,000-square km concession in the Al Dhafra region. This development is a red-letter day for the company, PETRONAS president and […]<\/p>\n","protected":false},"author":30,"featured_media":75053,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/201789"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=201789"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/201789\/revisions"}],"predecessor-version":[{"id":201790,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/201789\/revisions\/201790"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/75053"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=201789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=201789"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=201789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}