Abu Dhabi – Mubasher: The UAE’s Abu Dhabi National Oil Company (ADNOC) on Tuesday announced signing a framework agreement with Uzbekistan-based gas producer Uzbekneftegaz.
Under the deal, ADNOC will provide “strategic advice in relation to Upstream and Downstream operations,” it said.
ADNOC executive office director Omar Suwaina Alsuwaidi signed the deal with Uzbekneftegaz chairman Bakhrom Ashrafkhanov during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC), which runs until Thursday, 15 November 2018.
Commenting on the deal, Alsuwaidi said that ADNOC had a 47-year successful track record of developing the emirate of Abu Dhabi’s oil and gas industry and creating the greatest value from maturing and new resources.
“We have built a large body of knowledge and expertise which can support Uzbekneftegaz’s growth plans, as it seeks to maximize the value of the country’s oil and gas resources,” the top official stated.
Meanwhile, Uzbekneftegaz chairman Bakhrom Ashrafkhanov said that UAE-based ADNOC was leveraging all its resources, partnerships, talents to deliver greater shareholder value and its proven track record of solving complex upstream and downstream operational challenges would support and accelerate Uzbekneftegaz’s plans to maximise returns from its gas resources.
It is worth noting that the BP Statistical Review of World Energy puts Uzbekistan’s proven gas reserves at 1.1 trillion cubic metres and its oil reserves at 100 million tonnes.
“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. 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,” ADNOC concluded in its statement.
ADIPEC, which commenced on Monday, concludes on Thursday and has so far witnessed the signing of several major deals in the oil and gas sector.
