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Tue 7 May 2019 01:55 PM

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Adnoc, Exxon eye new deals as $30bn UAE project progresses

Abu Dhabi National Oil Company is exploring new opportunities with Exxon Mobil Corporation as work continues on a joint project in the UAE

Adnoc, Exxon eye new deals as $30bn UAE project progresses
Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Adnoc, and Darren W Woods, chairman and CEO of ExxonMobil, met to discuss further collaboration in the upstream and downstream sectors.

Abu Dhabi National Oil Company (Adnoc) is exploring new opportunities with Exxon Mobil Corporation as work continues on a $30 billion joint project in the UAE.

Dr Sultan Ahmed Al Jaber, UAE Minister of State and Group CEO of the Adnoc, and Darren W Woods, chairman and CEO of ExxonMobil, met to discuss further collaboration in the upstream and downstream sectors.

The discussions coincided with a joint visit to review the progress of the expansion taking Upper Zakum to a production capacity of 750,000 barrels per day (mbpd) and 1 million barrels per day (mmbpd) respectively, with the latter planned for 2024.

Adnoc said it is leveraging mutually beneficial partnerships to drive new commercial opportunities and expand its portfolio across the upstream and downstream sectors.

Al Jaber said: “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.”

During the visit, Al Jaber and Woods inspected key facilities at Al Ghallan Island (UZ750) which is under development for future production as part of the ongoing project to increase the production capacity of the Upper Zakum field.

Woods said: “The joint success between Adnoc and ExxonMobil on Upper Zakum is a testament to what is possible when national and international energy companies work together.”

The UZ750 project is estimated to see an investment of around $21.8 billion and comprises four new artificial islands to accommodate drilling rigs, processing facilities and infrastructure.

Al Jaber and Woods also discussed the new substantial conventional and unconventional oil and gas exploration opportunities in Abu Dhabi, following Adnoc’s announcement last week to offer five major offshore and onshore blocks for competitive bidding.

The CEOs also discussed downstream investments, including gas and liquefied natural gas (LNG) opportunities.

The Upper Zakum oilfield, located offshore Abu Dhabi, is the second-largest offshore oilfield and the fourth-largest oilfield in the world.

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