Malaysian oil and gas company Petroliam Nasional Berhad (Petronas) on Monday (15 March) signed a Memorandum of Understanding (MoU) with China National Offshore Oil Corporation (CNOOC) to pursue mutual growth through closer collaboration.
The MoU elevates the long-standing relationship between the two parties from primarily liquefied natural gas (LNG) and upstream projects towards a shared ambition in energy security and cleaner energy solutions, said Petronas.
The scope of collaboration opens up opportunities across PETRONAS’ integrated value chain and across the globe whereby both parties will intensify collaboration in LNG, upstream exploration & development projects, refining, oilfield & engineering services, specialty chemicals, lubricants as well as renewable energy.
In addition to LNG supply, PETRONAS and CNOOC will also collaborate to grow the use of natural gas as a cleaner marine fuel through LNG bunkering solutions, in support of the International Maritime Organization regulations on the reduction of greenhouse gas emissions from ships.
Through the MoU, PETRONAS and CNOOC will explore the establishment of a global bunkering supply network, leveraging on both companies’ experience in LNG bunkering.
PETRONAS’ partnership with China’s largest offshore oil and gas producer was signed by PETRONAS Senior Vice President of Corporate Strategy, Mazuin Ismail and CNOOC Vice President, Huo Jian, in a virtual ceremony.
The signing was witnessed by PETRONAS’ Executive Vice President and Chief Executive Officer of Gas + New Energy, Adnan Zainal Abidin and CNOOC Group President, Li Yong.
In the LNG space, PETRONAS and CNOOC’s relationship dates back to 2006 with the conclusion of a 25-year LNG supply agreement for over 3.0 million tonnes per annum with Shanghai LNG Co., Ltd, which is 45% owned by CNOOC. On the Upstream side, in 2019, PETRONAS, through its subsidiary, PC Carigali Mexico Operations S.A. de C.V. obtained a 30% equity share in deepwater Block 4, located in the waters of the Perdido Foldbelt, and operated by CNOOC.
Petronas has been actively involved in the LNG bunkering space. Its earlier accomplishments are as follows:
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Related: Cryo Shipping and Petronas complete largest LNG bunkering operation in Asia
Related: Malaysia: Petronas performs first ship-to-ship LNG bunkering operation at Pasir Gudang
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Related: MISC and Avenir collaboration support Petronas LNG bunkering ambitions
Photo credit: Nazarizal Mohammad
Published: 17 March, 2021
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