Adnoc, Uzbek gas firm Uzbekneftegaz ink operations MOU
The UAE energy giant will advise the Uzbek gas producer on upstream and downstream operations
Abu Dhabi National Oil Company (Adnoc) will advise Uzbek gas producer Uzbekneftegaz on upstream and downstream operations under a framework agreement recently signed between the energy firms.
In a statement, Adnoc’s executive office director, Omar Suwaina Alsuwaidi, said the state-owned oil firm has “built a large body of knowledge and expertise which can support Uzbekneftegaz’s growth plans, as it seeks to maximise the value of the country’s oil and gas resources”.
Joining Alsuwaidi at the signing ceremony in Abu Dhabi, Bakhrom Ashrafkhanov, chairman of the Uzbekneftegaz Board, added: “Adnoc is leveraging all its resources, its partnerships, the skills of its people and, in particular, the latest technologies, to deliver greater shareholder value.
“It has a proven track record of solving complex upstream and downstream operational challenges and, we believe, its ongoing support will help accelerate our own plans to maximise returns from our gas resources.”
The deal was signed at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), which is currently taking place in the UAE capital.
Citing the BP Statistical Review of World Energy, Adnoc said Uzbekistan’s has proven gas reserves of 1.1 trillion m3 and oil reserves at 100 million tons.
“According to industry sources, the main focus of oil and gas activity is in the under-explored basins, mainly in the central and western parts of the country,” it added. “However, potential still exists in the older oil producing area in the east where modern technology will be required to develop some prolific fields which have been discovered and remain to be discovered in this area.”
Established in May 1993, Uzbekneftegaz was transformed into a joint stock company in 1998.
Its latest Adnoc partnership announcement follows similar agreements with the Korea National Oil Corporation, Lotte Chemical, Kogas, China National Petroleum Corporation, Lukoi, and Gazprom, among others.
Earlier this week, UAE state news agency WAM reported that French energy giant Total is now in talks with Adnoc to develop further Abu Dhabi’s petrochemical and down stream sector.