“ADNOC” and “Gazprom Oil” Russian exchange of strategic cooperation agreement

Abu Dhabi 15-10-2019
Abu Dhabi today witnessed the signing of a strategic cooperation agreement between Abu Dhabi National Oil Company (ADNOC) and Russia’s Gazprom Oil.
The agreement strengthens the close friendship between the UAE and the Russian Federation by bringing together two of the world’s leading energy producers to explore opportunities for cooperation in exploration, development, production, refining and petrochemicals, as well as artificial intelligence and innovative technology applications.
The agreement provides for cooperation in areas of common strategic interest, and reflects ADNOC’s commitment to strategic partnerships that add value and contribute to enhancing profitability and increasing the economic return from its business across all areas and phases of the oil and gas sector as part of its efforts to implement its integrated 2030 strategy for smart growth.
The documents were exchanged by HE Dr. Sultan bin Ahmed Al Jaber, Minister of State and CEO of ADNOC and its Group of Companies, and Valdislav Parishenkov, Board Member and Executive Vice President, International Business Development, Gazprom Neft.
The agreement includes exploring opportunities for cooperation between ADNOC and Gazprom Oil in the oil and gas exploration and production concessions in Abu Dhabi, and was concluded after the successful completion of the first round of competitive bidding by the Abu Dhabi government to launch new areas for exploration, development and production of oil and gas.
His Excellency Dr. Sultan bin Ahmed Al Jaber said: “In line with the guidance of the wise leadership to extend and strengthen bridges of constructive cooperation with friendly countries, this strategic cooperation agreement with” Gazprom Oil “is a natural development of the close relationship between the UAE and the Russian Federation, an additional step on the The agreement also confirms ADNOC’s commitment to building strategic partnerships that will increase the profitability and economic return of Abu Dhabi’s hydrocarbon assets and resources to the benefit of the UAE and its partners.
“This strategic agreement provides more opportunities for cooperation between ADNOC and Gazprom in the areas of exploration, development, production, refining, petrochemicals, artificial intelligence and sour gas from which ADNOC has huge untapped reserves. We look forward to translating the objectives of this framework agreement into a true partnership that will bring value.” Long-term sustainable.
The agreement includes an assessment of the strategic cooperation opportunities between the two parties in the field of exploration and production of sour gas, to benefit from ADNOC’s extensive experience in the development and production of sour gas in the Shah sour gas field in the Emirate of Abu Dhabi where ADNOC plans to increase production from 1.3 billion cubic feet per day to 1.5 billion cubic feet ADNOC is also developing the Gasa Concession for Sour Gas, which is expected to produce more than 1.5 billion cubic feet of gas per day when it starts operating in 2025.
According to the agreement, the two parties will explore opportunities and areas of cooperation in oil production enhancement techniques that contribute to increasing production and extending the life of obsolete reservoirs. Cooperation in oil recovery enhancement applications will support ADNOC’s plans to increase production and achieve its goal of 70% hydrocarbon recovery wherever it is located. This is commercially viable.
ADNOC is currently working to increase the efficiency of its hydrocarbon production processes. The company uses carbon dioxide captured from its Al Reyada facility and re-injects it into some of Abu Dhabi’s fields to boost its crude oil production, while Gazprom Oil has a proven track record of Sophisticated techniques to enhance oil recovery, including injection of surfactants and polymer immersion.
ADNOC and Gazprom Neft also agreed to explore opportunities for collaboration in the field of production analysis systems for integrated operations in exploration, development, production, refining and petrochemicals using AI applications, as well as other areas in the oil and gas sector in order to support the two companies’ efforts to enhance value and increase the efficiency of operations.
The strategic cooperation agreement allows ADNOC and Gazprom Oil to leverage the vast technological and operational expertise in the oil and gas sector, and represents another step in ADNOC’s approach to expanding strategic partnerships and joint investments and an extension of its smart growth strategy to enhance profitability. In the field of exploration, development and production, increase value in the field of gas, refining and petrochemicals, and maintain an economic and sustainable supply of gas.
“This framework agreement for strategic cooperation between Gazprom Oil and ADNOC is an important milestone in the development of the relationship between the two companies. It will provide a platform for cooperation in research and development, exploration, development, production, refining and petrochemicals,” said Valdislav Parishnikov. We are confident that combining the expertise and resources of both parties will contribute to enhancing the position of the two companies in the oil and gas market. Furthermore, this partnership builds and enhances our capabilities to deliver innovative solutions that can be used to meet Gazprom Oil’s technology strategy goals and overcome the challenges facing the industry.
Gazprom Neft’s operations focus primarily on the fields of oil and gas exploration, production and refining, as well as the production and sale of petroleum products. It is also one of ten public companies in terms of proven hydrocarbon reserves and a world leader for its rapid provision of alternatives to oil reserves.
Gazprom Neft is among the top three companies in Russia in terms of production capacity