Saturday, 25 May 2019

Oil & Gas News

ADNOC and ExxonMobil CEOs Discuss New Opportunities

His Excellency 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 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 US. At ADNOC, we continue to place great importance on our strategic partnerships with the US 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.”

We aim to keep you updated weekly with relevant information concerning the Offshore Energy Sector.

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