As part of the agreement, Gazprom Neft and Adnoc will jointly explore opportunities for collaboration in Abu Dhabi's exploration and production concessions
The Abu Dhabi National Oil Company (Adnoc) has signed a ‘comprehensive strategic framework’ agreement with Russia’s Gazprom Neft to explore new opportunities to collaborate in the upstream and downstream sectors, as well as in AI and other technologies.
As part of the agreement, Gazprom Neft and Adnoc will jointly explore opportunities for collaboration in Abu Dhabi’s exploration and production concessions.
Additionally, the two partners will jointly assess strategic opportunities for collaboration in sour gas exploration and production.
Both companies will also work together to collaborate in enhanced oil recovery (EOR) techniques that could unlock and maximise value from maturing reservoirs, as well as develop production analytic systems using AI.
“This comprehensive framework agreement with Gazprom Neft is a natural evolution of the close and deep bilateral relations between the UAE and Russia, and provided a foundation to strengthen and expand the strategic energy relationship between both countries,” said UAE Minister of State and Adnoc group CEO Sultan Ahmed Al Jaber.
Al Jaber added that “it also further demonstrates how ADNOC is leveraging world-class partnerships to create, unlock, and maximize value from our substantial assets and resources for the benefit of the UAE and our partners.”
Vladislav Baryshnikov, member of the management board and Deputy CEO for International Business Development of Gazprom Neft, called the agreement a ‘major milestone’ in the relationship between the two firms.
“It creates a platform for cooperation in research and development as well as upstream and downstream sectors,” he said. “I have every confidence that our expertise and resources, pooled together, will contribute to strengthening the positions of both companies in the oil and gas market.”
Gazprom Neft’s production and refining volumes – which last year reached 92.9 million tonnes of oil equivalent and 42.9 million tonnes of oil, respectively – place it among the top three companies in Russia. It exports to more than 50 countries around the world.