The UAE’s Mubadala Petroleum and China National Petroleum Corporation (CNPC) have signed an oil and gas exploration and production co-operation agreement, reported Arabian Business.
Apart from upstream projects, the cooperation also includes onshore conventional projects, offshore projects, and LNG projects outside of the UAE.
Mubadala Petroleum’s operation portfolio in South East Asia is reported to be growing. It is the second largest black oil producer in Thailand with several other appraisal and development projects in the region.
According to Trade Arabia, the non-binding strategic co-operation agreement was signed by CEO Energy, Mubadala Development Company, Dr Sultan Al Jaber, and CNPC Chairman, Wang Yilin in Beijing during an official visit by Sheikh Mohammed bin Zayed Al-Nahyan, the Crown Prince of Abu Dhabi.