Saudi Aramco and Abu Dhabi National Oil Company (ADNOC) signed on November 14 a strategic agreement for collaboration opportunities in the natural gas and liquefied natural gas (LNG) sector, Saudi Aramco announced in a press statement.

The agreement will see the companies exchange technical knowledge and expertise, and jointly explore investment opportunities in an effort to boost gas revenues.

The agreement was signed by Amin H. Nasser, Saudi Aramco President and CEO, and Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, on the sidelines of ADIPEC.

“The UAE and the Kingdom of Saudi Arabia have a strong relationship built on shared strategic interests. Increased cooperation between ADNOC and Saudi Aramco will ensure greater energy security and long-term economic prosperity for both nations,” Al Jaber said.

LNG has a fast annual growth rate of 4%. Global LNG demand is expected to exceed 500 million tons per year by 2035, up from around 300 million tons per year in 2017.