ADNOC Minister of State and Group CEO Sultan Ahmed Al Jaber and ExxonMobil Chairman and CEO Darren W. Woods met to explore new opportunities for collaboration in the upstream and downstream sectors
The discussions coincided with a joint visit to review the progress of the US$30bn expansion taking Upper Zakum to a production capacity of 750,000 bpd and one million bpd respectively, with the latter planned for 2024.
ADNOC leverages mutually beneficial partnerships to drive new business opportunities and expand its portfolio across the upstream and downstream sectors to enable socio-economic development goals of the UAE.
Al Jaber said, “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. We are keen to strengthen this strategic partnership across the entire value chain, as we accelerate delivery of our 2030 smart growth strategy.”
During the visit, Al Jaber and Woods inspected vital facilities at Al Ghallan Island which is under development for future production as part of the ongoing project, known as UZ750, to increase the production capacity of the Upper Zakum field to 750,000 bpd.
The UZ750 project is estimated to see an investment of around US$21.8bn and includes four new artificial islands to accommodate drilling rigs, processing facilities and infrastructure.
Al Jaber and Woods also discussed the new substantial conventional and unconventional oil and gas exploration opportunities in Abu Dhabi, following ADNOC’s announcement to offer five major offshore and onshore blocks for competitive bidding.
The CEOs further discussed downstream investments, including gas and LNG opportunities, following ADNOC’s 2018 announcement of ambitious expansion plans in petrochemicals and refining.
The Upper Zakum oilfield, located offshore Abu Dhabi, is the second-largest offshore oilfield and the fourth-largest oilfield in the world.
