Mubadala Petroleum, CNPC Sign Cooperation Agreement

Mubadala Petroleum and China National Petroleum Corporation (CNPC) have agreed on greater co-operation between the two companies in the oil and gas exploration and production sector.

The cooperation agreement was signed during a ceremony in Beijing by His Excellency Dr Sultan Al Jaber, CEO Energy, Mubadala Development Company, on behalf of Mubadala Petroleum, and CNPC Chairman Wang Yilin.

The agreement identifies potential areas for collaboration in the upstream oil and gas sector outside of the United Arab Emirates and, more specifically, new and existing projects including onshore conventional projects, offshore projects and LNG projects, Mubadala Petroleum said Monday.

Musabbeh Al Kaabi, CEO, Mubadala Petroleum, 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.”

Mubadala Petroleum operates a growing portfolio of producing assets in South East Asia. The latest of these is Nong Yao, which is located in the Gulf of Thailand and came on stream in June 2015. The company is now the second largest black oil producer in Thailand. It also has several other projects under appraisal and development in the region.