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Adnoc and China's CNPC Strengthen Partnership

Abu Dhabi National Oil Company (Adnoc) awarded contracts worth Dh5.88 billion ($1.6 billion) to an affiliate of China National Petroleum Corporation (CNPC) to conduct the world’s largest 3D offshore and onshore seismic survey to find new oil and gas reserves.

According to Adnoc, the survey covers up to 53,000 square kilometres of area with 30,000 square kilometres of offshore and 23,000 square kilometers of onshore area.

China’s President Xi Jinping signed the agreement on a state visit to the UAE, by Abdul Munim Al Kindy, Adnoc’s Upstream Director and Gou Liang, President of BGP.

UAE Minister of State and Adnoc Group CEO, Dr Sultan Ahmad Al Jaber, said in a statement “The scale of the project shows Adnoc’s commitment to upstream investment and to increasing our oil and gas reserves and production for the long-term. The contract also represents another key event in Adnoc’s flourishing partnership with CNPC, and the UAE’s strategic energy partnership with China,”

Ocean bottom nodes and seismic streaming vessels are used to obtain data in Abu Dhabi waters, and vibrator trucks to survey the onshore desert areas, the survey is expected to be completed by 2024.

The first ever block licensing strategy was announced by Adnoc with the launch of six geographical oil and gas blocks open for bidding, and the seismic project will include areas within these blocks with the data made available at a fee to the successful bidders.

The Chairman of CNPC, Wang Yilin, said, “Adnoc has taken on an challenging project to explore hydrocarbon reserves and BGP is best placed to bring industry leading technology to Abu Dhabi to support this programme. This contract also strengthens our relationship with Adnoc creating a platform for further energy collaborations,”

Source : Bizmap
Posted on :7/23/2018