The Abu Dhabi National Oil Company (ADNOC)’s CEO and UAE Minister of State, Sultan Ahmed Al Jaber, met ExxonMobil’s CEO, Darren Woods, to discuss new collaboration opportunities in the upstream and downstream sectors, ADNOC announced on May 7.
They reviewed the progress of the $30 billion expansion taking Upper Zakum to a production capacity of 750 thousand barrels per day (b/d) and 1 million b/d respectively, with the latter planned for 2024. The Upper Zakum Development utilizes extended reach drilling to optimize well numbers and enable maximum reservoir contact.
“Our existing partnership with ExxonMobil on the Upper Zakum field is a prime example of how ADNOC engages with world-class partners that bring expertise and advanced technology to unlock value from our resources, for mutual benefit, and deliver the greatest possible returns to the UAE,” Al Jaber said.
“We have shared many successes in the UAE together over the past 80 years, most notably with ADNOC in the Upper Zakum joint venture, and we look forward to building on this strong foundation,” Woods said.
Al Jaber and Woods also discussed downstream investments, including gas and liquefied natural gas (LNG) opportunities. The two companies have explored different ways to extend their relationship further into research and development (R&D).
The discussions came in line with ADNOC’s strategy to develop new partnership opportunities and expand its footprint in the upstream and downstream sector, which will help enhance the United Arab Emirates (UAE)’s socio-economic development objectives.