ADNOC, CNOOC Sign Framework Agreement

Chinese Firms Lined Up for EPC Work

UAE oil and gas firm Abu Dhabi National Oil Co. has signed a strategic framework agreement with China National Offshore Oil Corp. to develop new opportunities in the hydrocarbon sector.
The deal will cover oil, gas and liquefied natural gas projects in the upstream and downstream sectors, with the company’s committing to share knowledge, best practices and technology know-how.

“This far-reaching framework agreement underpins the close economic ties between the UAE and China, and offers exciting new growth opportunities as well as mutually beneficial investment initiatives between ADNOC and CNOOC,” said Ahmad Al Jaber, CEO of ADNOC.

The deal also lists Chinese firm Offshore Oil Engineering Co as a potential contractor for EPC opportunities and China Oilfield Services Ltd. as a qualified supplier for oilfield services.