Petronas, through its subsidiary Petronas Carigali International Ventures, has signed a memorandum of understanding (MoU) with Dragon Oil, a subsidiary of Emirates National Oil Company, to collaborate in the upstream oil and gas sector.
Dragon Oil is an upstream oil and gas company focused on exploration, development and production in the Middle East, Caspian Sea and North Africa.
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This agreement establishes a framework for joint exploration and production (E&P) activities worldwide, building on the regional and global experience of both companies.
The collaboration allows both operators to identify and develop opportunities that could benefit their upstream portfolios.
Petronas said the collaboration is part of its wider strategy to expand its presence in key markets through alliances.
Petronas Upstream business executive vice-president and CEO Mohd Jukris Abdul Wahab said: “This MoU demonstrates our clear progress of building on the strength of our existing footprint and shaping a more connected, resilient upstream landscape.
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By GlobalData“We aim to continuously push our growth momentum that positions us strongly for the prospects ahead by driving collaboration and innovation in key regions.”
In September this year, Petronas Carigali expanded its partnership with Geoteric, a company specialising in AI-driven seismic interpretation software.
The extended relationship aims to help Petronas Carigali accelerate the identification of new hydrocarbon prospects and reduce the time required for exploration activities.
Petronas Carigali will deploy Geoteric’s AI technology across its E&P operations for at least the next three years.
