Mubadala and China National Petroleum to cooperate on oil and gas exploration

United Arab Emirates-based Mubadala Petroleum and China National Petroleum (CNPC) have signed an agreement to cooperate in the oil and gas exploration and production sector.

Under the strategic co-operation agreement signed, the companies will identify potential areas for collaboration in the upstream oil and gas sector outside of the UAE.

Mubadala Petroleum CEO Musabbeh Al Kaabi said: "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."

The companies will also collaborate in new and existing projects specifically in conventional onshore, LNG and offshore.

CNPC International Department director-general Li Yueqiang said: "Based on the successful story of CNPC’s presence inside the UAE, I am convinced that this Agreement will be very conducive to further expanding our collaboration with the Abu Dhabi partners on a global scale.

"CNPC is poised to work closely with Mubadala Petroleum to make substantive progress soon, delivering value to both our companies."

Mubadala is a wholly-owned subsidiary of Mubadala Development Company which is owned by the Government of Abu Dhabi.

The company operates the Nong Yao oil field in the Gulf of Thailand which came on stream in June 2015 and is the second largest black oil producer in Thailand. It also has several other projects under appraisal and development in the region.

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Image: Mubadala Petroleum and CNPC signing agreement. Photo: courtesy of China National Petroleum Corporation.