@ADIPEC: ADNOC, Saudi Aramco Sign Gas Deal

The Abu Dhabi National Oil Co. (ADNOC) and Saudi Aramco have signed a framework agreement covering opportunities in the natural gas and liquefied natural gas sectors. The agreement was signed on the first day of the ADIPEC show in Abu Dhabi.

As part of the new agreement, ADNOC and Aramco will jointly assess investment opportunities in liquefied natural gas “that could unlock value and drive revenue for both companies,” according to a joint statement. They will also conduct feasibility studies and exchange knowledge on LNG growth markets.

The deal follows the recent announcement that Abu Dhabi’s Supreme Petroleum Council has approved ADNOC’s integrated gas strategy that will sustain LNG production to 2040 and allow for increased export opportunities. ADNOC subsidiary ADNOC LNG said it currently accounts for about 2% of the global LNG market.