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22:45 GMT
ABU DHABI, Oct 15 (KUNA) -- Sheikh Mohammad bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, and visiting Russian President Vladimir Putin on Tuesday co-chaired a meeting on economic and trade cooperation.
The talks led to the signing of agreements on cooperation in such areas as energy, trade, investment, infrastructure, transport, tourism, food security and technology.
One of these documents is a comprehensive strategic framework agreement between Abu Dhabi National Oil Company (ADNOC) and the Public Joint Stock Company Gazprom Neft (Gazprom Neft).
Under the deal, both companies will explore new opportunities for collaboration in both the upstream and downstream sectors, as well as in artificial intelligence and other innovative technologies, the UAE news agency (WAM) reported.
It also underscores ADNOC's drive to leverage value-add partnerships to unlock and maximize value across its full value chain as it accelerates delivery of its 2030 smart growth strategy.
ADNOC is a leader in sour gas field development and production with extensive experience gained from its Shah sour gas field in the Emirate of Abu Dhabi, where it plans to increase production from about 1.3 to 1.5 billion standard cubic feet per day (SCFD) of natural gas.
ADNOC is developing the Ghasha ultra-sour gas concession, which is expected to produce more than 1.5 bscfd of natural gas by around 2025.
Both companies will also explore potential opportunities for collaboration in enhanced oil recovery (EOR) techniques that could unlock and maximize value from maturing reservoirs.
Collaboration on the various EOR applications will support ADNOC's production growth plans and enhance hydrocarbon recovery rate towards its 70 percent aspiration, where commercially viable.
Today, ADNOC is improving the conventional efficiencies in hydrocarbon production by injecting carbon dioxide (CO2) captured at its Al-Reyadah facility into some of Abu Dhabi's oil fields to boost oil production in EOR.
Gazprom Neft has a successful track record of utilizing cutting-edge EOR techniques, including polymer and surfactant flooding.
ADNOC and Gazprom Neft have also agreed to evaluate collaboration opportunities in production analytic systems for integrated operations in both upstream and downstream products, using artificial intelligence, as well as other areas across the value chain, with the goal of helping both companies to unlock greater value and drive efficiencies.
Another deal was signed by ADNOC and the Russian energy company LUKOIL, under which the latter will acquire five percent equity in the development of Ghasha gas field.
The project aims to manipulate the deposits of gas, oil and gas condensate as part of nine shallow fields in the Arabian Gulf west of Abu Dhabi.
Besides ADNOC, other partners in the concession are ENI (25 percent), Wintershall Dea (10 percent) and OMV (five percent).
The project is expected to produce over 40 million cubic meters per day of natural gas and 120,000 barrels per day of crude oil and gas condensate, according to a press release by LUKOIL.
The meeting gathered, from the UAE side, Lt.-Gen. Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, Sheikh Tahnoun bin Zayed Al Nahyan, National Security Adviser, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, Sheikh Hamed bin Zayed Al Nahyan, Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation, and Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and ADNOC Group CEO, as well as other senior officials.
The Russian side was represented by Sergey Lavrov, Minister of Foreign Affairs, Denis Manturov, Minister of Industry and Trade, Alexander Novak, Minister of Energy, Maxim Oreshkin, Minister of Economic Development, and Sergey N. Kuznetsov, Russian Ambassador to the UAE, according to WAM report. (end)
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