UAE, Saudi Arabia sign gas-exploration collaboration agreement
Abu Dhabi, Nov 12 (IANS/WAM) The state-run oil giants of the United Arab Emirates (UAE) and Saudi Arabia on Monday signed a framework agreement to jointly collaborate on natural-gas and liquefied natural gas exploration.
The Abu Dhabi National Oil Company (ADNOC) and the Saudi Arabian Oil Company Aramco said they plan to work together to increase their revenues from their natural gas and LNG business segments.
The agreement was signed by Minister of State and ADNOC Group CEO Sultan bin Ahmad Sultan Al Jaber and Saudi Aramco President and CEO Amin Nasser.
"Under the terms of the agreement, ADNOC and Aramco will jointly assess investment opportunities across the LNG value chain that could unlock value and drive revenue growth for both companies," the companies said in a statement issued on the sidelines of an international conference for oil officials and industry executives.
ADNOC on Sunday also signed an agreement to grant French energy giant Total SA a minority stake in an unconventional gas concession, part of an strategy to transform the UAE into a net exporter of gas.