Malaysian oil and gas company Petroliam Nasional (Petronas) has signed two memoranda of understandings (MoU) to pursue prospects across the energy value chain.
One of these includes a MoU with UAE-based Abu Dhabi National Oil Company (ADNOC). The agreement is aimed at finding opportunities for collaboration in the exploration, development, and production of significant conventional and unconventional resources in Abu Dhabi.
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In addition to jointly assessing opportunities for domestic and international collaboration across the downstream sector, the two parties have agreed to explore potential partnership opportunities in trading, including the optimisation of crude and feedstock supply and the offtake of refined products.
Petronas and ADNOC will also collaborate on potential research and development (R&D) and applied technology cooperation in enhanced hydrocarbon recovery, carbon capture, utilisation and storage, specialty chemicals, gas sustainability, unconventional resources, and hydrogen technologies.
UAE Minister of Industry and Advanced Technology and ADNOC managing director and Group CEO Dr Sultan Ahmed Al Jaber said: “The agreement offers the potential for exciting opportunities for both companies to unlock and create value across the full oil and gas value chain as we shape our businesses for a post-Covid economy. We see significant potential in this agreement and look forward to converting it into mutually beneficial partnerships.”
Petronas also signed an MoU with renewable energy firm Masdar to provide increased access to clean energy solutions.
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By GlobalDataAs per the MoU, Masdar and Petronas will jointly pursue clean energy projects, covering renewable energy and green hydrogen across Asia and the Middle East.
The parties will explore joint participation in large-scale solar and wind opportunities, as well as explore opportunities for green hydrogen production.
Masdar CEO Mohamed Jameel Al Ramahi said: “This agreement marks an important step on Masdar’s journey to expand our presence in the Asian market, where we see tremendous potential given the region’s rapid economic growth and potential renewable energy resources.”
