Abu Dhabi’s Mubadala Petroleum signs deal with China National Petroleum

Abu Dhabi’s Mubadala Petroleum and China National Petroleum Corporation have signed an agreement for greater cooperation in the oil and gas exploration and production sector.

The non-binding deal was signed in the presence of Abu Dhabi Crown Prince and deputy supreme commander of the UAE armed forces HH Sheikh Mohamed bin Zayed Al Nahyan, during a state visit.

Potential areas for collaboration under the deal include the upstream oil and gas sector outside the UAE in new and existing projects. These include onshore conventional and offshore projects and LNG projects.

“This agreement reflects a growing level of dialogue between ourselves and CNPC, both nationally-owned companies with expanding international interests. We welcome the continued strengthening of links between countries and companies across the traditional trading routes of the Middle East and Asia, a region where Mubadala Petroleum already has well established operations,” said Mubadala Petroleum chief executive Musabbeh Al Kaabi.

CNPC international department director general Li Yueqiang said the agreement would be “very conducive” to further expanding collaboration with Mubadala on a global scale.

Mubadala Petroleum’s assets in South Asia include the Nong Yao project located in the Gulf of Thailand, which came on stream in June. It also has several other projects under appraisal and development in the region.