ADNOC and Russia’s Gazprom Neft have entered into a framework agreement on strategic cooperation for upstream and downstream.
The companies will explore opportunities for implementing joint projects in the upstream and downstream sectors, as well as in information technologies, artificial intelligence, and other areas, a statement from Gazprom Neft said.
The agreement was signed by Vladislav Baryshnikov, Deputy CEO, International Business Development and a member of the Management Board, Gazprom Neft, and Abdulmunim Saif Al Kindy, Executive Director, Upstream Directorate, ADNOC.
Under this agreement the partners will study opportunities for collaboration in sour-gas exploration and production, developing enhanced oil and gas recovery strategies, and developing innovative technologies for investigating carbonate reservoirs.
The Agreement creates a platform for potential collaboration in developing production-analytical systems in hydrocarbon exploration, production, logistics, processing and sales. The parties will also assess opportunities for joint projects in geological prospecting and oil- and gas-field development, including at concessions within the Emirate of Abu Dhabi. In addition to this, further areas for potential technological cooperation include developing management systems, information technologies and artificial intelligence (AI).
Vladislav Baryshnikov, Deputy CEO, International Business Development and a member of the Management Board, Gazprom Neft, said: “The signing of this Agreement marks a major milestone in the developing relationship between Gazprom Neft and ADNOC. It creates a platform for cooperation in science and technology, as well as in hydrocarbon exploration, production, processing and sales. I have every confidence that combining our experience, resources and competencies will further consolidate both companies’ positions on the international energy market. Added to which, this partnership also creates the opportunity for developing the breakthrough solutions essential to achieving the goals of Gazprom Neft’s Technology Strategy and to overcoming the challenges facing the industry.”
Abdulmunim Saif Al Kindy, Executive Director, Upstream Directorate, ADNOC, added: “This comprehensive framework agreement with Gazprom Neft is a natural development in the deep and close bilateral relations between the UAE and Russia. It provides a basis for strengthening and expanding strategic relations between our two countries in the energy sector.
It also demonstrates, quite clearly, how ADNOC is leveraging world-class partnerships to create, unlock, and maximise value through our substantial assets and resources, for the benefit of the UAE and our partners. This strategic agreement offers potential for new opportunities for both companies in the exploration and development of natural resources, including in processing and sales, as well as in AI and the production of sour (high-sulphur) gas – where ADNOC has vast untapped reserves. We hope to be able to convert this framework agreement into a new, mutually beneficial, partnership, creating long-term, sustainable value for both parties.”