Mubadala Petroleum, CNPC sign cooperation agreement

Mubadala Petroleum has signed a nonbinding agreement with China National Petroleum Corp. (CNPC) that identified potential future collaboration in the upstream oil and gas sector outside of UAE. More specifically, the national operating companies are identifying onshore conventional projects, offshore development, and LNG projects for future cooperation.

“This agreement reflects a growing level of dialogue between ourselves and CNPC…with expanding international interests,” said Mubadala Petroleum Chief Executive Officer Musabbeh Al Kaabi. Details of any specific opportunities and commercial discussions remain confidential between the two operators.

Mubadala Petroleum operates a growing portfolio of producing assets in Southeast Asia. The latest of these is Nong Yao, which is in the Gulf of Thailand and came on stream in June (OGJ Online, June 18, 2015). The company is now the second-largest oil producer in Thailand. It also has several other projects under appraisal and development in the region.

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