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ADNOC and ExxonMobil CEOs discuss new opportunities

May 07, 2019
3 min read
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H.E Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Abu Dhabi National Oil Company (ADNOC), and Darren W. Woods, Chairman and CEO of Exxon Mobil Corporation (ExxonMobil), met to explore new opportunities for collaboration in the upstream and downstream sectors, and discuss wider regional and business-related developments of mutual interest.

The discussions coincided with a joint visit to review the progress of the over US$30 billion (AED 110 billion) expansion taking Upper Zakum to a production capacity of 750 thousand barrels per day (mbpd) and 1 million barrels per day (mmbpd) respectively, with the latter planned for 2024.

ADNOC says it is leveraging mutually beneficial partnerships to drive new commercial opportunities and expand its portfolio across the upstream and downstream sectors, to enable the UAE’s socio-economic development objectives.

H.E. Dr. Al Jaber said: “Our partnership with ExxonMobil going back 80 years reflects the strong, deep-rooted and long-standing economic and political ties between the UAE and the U.S. At ADNOC, we continue to place great importance on our strategic partnerships with the U.S. energy sector, which has contributed to further enhancing the economic relations between our two countries.

“Our existing partnership with ExxonMobil on the Upper Zakum field is a prime example of how ADNOC engages with world-class partners that bring expertise and advanced technology to unlock value from our resources, for mutual benefit, and deliver the greatest possible returns to the UAE. We are keen to strengthen this strategic partnership across the entire value chain, as we accelerate delivery of our 2030 smart growth strategy.”

During the visit, H.E. Dr. Al Jaber and Mr. Woods inspected key facilities at Al Ghallan Island which is under development for future production as part of the ongoing project, known as UZ750, to increase the production capacity of the Upper Zakum field to 750 mbpd.

Woods said: “We have shared many successes in the UAE together over the past 80 years, most notably with ADNOC in the Upper Zakum joint venture, and we look forward to building on this strong foundation. The joint success between ADNOC and ExxonMobil on Upper Zakum is a testament to what is possible when national and international energy companies work together.”

H.E. Dr. Al Jaber and Mr. Woods discussed the new substantial conventional and unconventional oil and gas exploration opportunities in Abu Dhabi, following ADNOC’s announcement, last week, to offer five major offshore and onshore blocks for competitive bidding.

The CEOs also discussed downstream investments, including gas and liquefied natural gas (LNG) opportunities, following ADNOC’s 2018 announcement of ambitious expansion plans in Petrochemicals and Refining.

ExxonMobil and ADNOC share a long history of technical collaboration in the downstream business both through licensing of technologies as well as support in catalysts. Both companies are exploring means by which this relationship can be extended further into research and development (R&D).

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