Abu Dhabi National Oil Company (Adnoc) has signed a strategic framework agreement with Malaysia’s state energy company Petronas to explore opportunities for collaboration across the full oil and gas value chain.

The agreement was signed by Sultan Ahmed al-Jaber, UAE minister of industry and advanced technology and Adnoc managing director and group CEO, and Tengku Muhammad Taufik, president and group CEO of Petronas.

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“The first-ever agreement between both companies builds on the strong bilateral ties between the UAE and Malaysia and underscores Adnoc’s expanded approach to strategic partnerships that is enabling it to unlock and maximise value across its entire portfolio as it delivers its 2030 strategy,” Adnoc said in a statement.

Under the terms of the agreement, Adnoc and Petronas will jointly explore opportunities for collaboration in the exploration, development, and production of conventional and unconventional hydrocarbon resources in Abu Dhabi.

“This highlights the potential of Abu Dhabi’s vast untapped oil and gas resources and Adnoc’s approach to leveraging strategic partnerships to accelerate the exploration and development,” Adnoc said.

The two companies will also jointly assess strategic opportunities for domestic and international collaboration across the downstream sector.

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Among the downstream opportunities in Abu Dhabi is Taziz, which is driving the development of petrochemical derivatives projects in Ruwais, as well as fuel oil bunkering and support of liquefied natural gas (LNG) bunkering vessels.

Adnoc and Petronas have also agreed to explore potential partnership opportunities in fuel trading, including optimisation of crude and feedstock supply and refined products offtake.

In addition, they will look to collaborate to identify technology solutions as well as in hydrogen and research and development (R&D) in areas of mutual interest, including enhanced hydrocarbon recovery and carbon capture utilisation and storage (CCUS).

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This article is published by MEED, the world’s leading source of business intelligence about the Middle East. MEED provides exclusive news, data and analysis on the Middle East every day. For access to MEED’s Middle East business intelligence, subscribe here.