ADNOC and Gazprom Neft Sign Strategic Framework Agreement

  • Tuesday 15, October 2019 09:47 PM
  • ADNOC and Gazprom Neft Sign Strategic Framework Agreement
Sharjah 24 – WAM: The Abu Dhabi National Oil Company, ADNOC, signed Tuesday a comprehensive strategic framework agreement with the Public Joint Stock Company Gazprom Neft, Gazprom Neft, to explore new opportunities for collaboration in both the upstream and downstream sectors, as well as in artificial intelligence and other innovative technologies.
The cooperation brings together two leading energy producers to collaborate in areas of strategic importance for both companies and reinforces the strong bilateral relations between the United Arab Emirates, UAE, and Russia. It also underscores ADNOC’s drive to leverage value-add partnerships to unlock and maximise value across its full value chain as it accelerates delivery of its 2030 smart growth strategy.

In celebration of the friendly ties between both countries, the exchange of the signed framework agreement was witnessed by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and Vladimir Putin, President of the Russian Federation, on the occasion of the president’s state visit to the UAE.

The agreement was exchanged by Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, and Vladislav Baryshnikov, Member of the Management Board and Deputy CEO for International Business Development of Gazprom Neft.

Under the terms of the agreement, ADNOC and Gazprom Neft will jointly explore opportunities for collaboration in relation to Abu Dhabi’s exploration and production concessions. This potential for collaboration in relation to Abu Dhabi’s exploration and production concessions builds on the momentum of the successful conclusion of Abu Dhabi’s debut competitive exploration and production bid round.

Dr. Al Jaber said: "This comprehensive framework agreement with Gazprom Neft is a natural evolution of the close and deep bilateral relations between the UAE and Russia, and provides a foundation to strengthen and expand the strategic energy relationship between both countries. It also further demonstrates how ADNOC is leveraging world-class partnerships to create, unlock, and maximise value from our substantial assets and resources for the benefit of the UAE and our partners.

"The strategic agreement offers the potential for exciting new opportunities for both companies, in the Upstream and Downstream sectors, as well as in artificial intelligence and sour gas where ADNOC has vast untapped reserves. It is our firm hope that we can convert this framework agreement into a new, mutually beneficial partnership that will create long-term and sustainable value."

Baryshnikov said: "The Strategic Framework Agreement concluded between Gazprom Neft PJSC and ADNOC marks a major milestone in the developing relationship between our two companies. It creates a platform for cooperation in Research and Development as well as Upstream and Downstream sectors. 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. Moreover, our partnership builds capacity to deliver breakthrough solutions that can be used to achieve the goals of Gazprom Neft technology strategy and to overcome the challenges confronting the industry."