Malaysia’s Fortune 500 firm, Petronas plans to partner with UAE-based Abu Dhabi National Oil Company (Adnoc) and Masdar for strategic development across the whole energy value chain in their respective markets.
The Petronas-Adnoc MoU extends across the entire oil and gas (O&G) value chain, with both companies planning to work together to explore opportunities in the followings sectors:
- Exploration, development, and production of significant conventional and unconventional resources in Abu Dhabi.
- Potential research and design (R&D) and applied technology cooperation in advanced hydrocarbon recovery, carbon capture, utilization and storage, gas sustainability, specialty chemicals, unconventional resources, and hydrogen technologies.
- Trading, including the crude oil production and feedstock and the offtake of refined products.
- Fuel bunkering and liquefied natural gas (LNG) bunkering vessels at ports in the UAE and the region.
Meanwhile, the partnership between Petronas and Masdar, a subsidiary of Mubadala Investment Company will concentrate on accelerating clean energy solutions across Asia and the Middle East, particularly in renewable energy and green hydrogen. Other potential segments include participation in large-scale solar and wind projects for utilities, commercial and industrial consumers, specifically in Asia, and joint production on green hydrogen.
In line with Petronas’s renewed commitment towards Net Zero Carbon Emissions by 2050, the firm has also announced its transition towards commercializing low-carbon hydrogen produced from its existing facilities and commercially producing green hydrogen. This partnership is expected to further complement the project-based needs of Petronas’ renewable energy arm, Petronas New Energy, which currently has over 1GW of solar capacity in operation and development in India and Southeast Asia.
(Sources: Petronas; New Straits Times)