Discussions focus on UAE and US bilateral cooperation in the energy sector and partnership opportunities across ADNOC’s value chain from Upstream to Downstream
Abu Dhabi, UAE – December 5, 2017: His Excellency Dr Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, met, today, with United States Secretary of Energy Rick Perry, who is leading the US delegation, participating in the US-UAE Strategic Energy Dialogue, taking place in Abu Dhabi.
In the meeting, at ADNOC’s corporate headquarters, discussions focused on strengthening the UAE and ADNOC’s long-standing and close relationship with the United States in the energy sector. During his visit, Secretary Perry visited ADNOC’s Panorama Digital Command Centre that uses smart analytical models and cutting-edge Artificial Intelligence platforms to generate operational insights that enhance performance and create additional value.
H.E. Dr Al Jaber briefed Secretary Perry on the latest developments in Abu Dhabi’s oil and gas industry, including ADNOC’s ongoing transformation and the new investment opportunities through the company’s expand partnership model. He also updated Secretary Perry on ADNOC’s plans to explore the potential of Abu Dhabi’s unconventional gas reservoirs and the ongoing minority public listing of its fuel services subsidiary, ADNOC Distribution.
H.E. Dr Al Jaber praised the energy partnership between the UAE and the United States. “We see multiple opportunities to further strengthen these ties as ADNOC adapts to new market dynamics and creates a progressive, energized and commercially focused business that will ensure we continue to thrive in the evolving energy landscape. As we focus on maximizing value from all our gas reservoirs, ADNOC is ready to partner with companies that bring technology, expertise and capital, and who share our vision of a future in which our industry continues to play a key role in delivering sustainable economic growth”.
In 1939, US energy giant ExxonMobil, in the guise of Petroleum Development (Trucial Coast), was granted a 75-year onshore exploration, development and production concession that expired in 2014. In 2006, ExxonMobil renewed its partnership with ADNOC when it was awarded a 28 per cent participating interest in the Upper Zakum offshore concession, operated by ADNOC Offshore.
ADNOC also partners with Occidental Petroleum (OXY) which has a 40 per cent participating interest in the Al Hosn facility, operated by ADNOC Sour Gas. Located in the onshore Shah Field, Al Hosn is one of the world’s largest plants processing sour gas, producing one billion cubic feet per day of the gas. In 2016, plans were announced to increase Al Hosn’s processing capacity by 50 per cent.
“The strong bi-lateral relationship between the United States and the UAE has expanded rapidly over the last decade, not just in the energy sector but across the full economic spectrum,” Secretary Perry said.
“Our shared history points to even stronger links in the future and I believe, as the UAE further opens up its energy sector to international investment, US companies will wish to explore those opportunities that promise to deliver mutually beneficial competitive returns and long term growth.”