KUALA LUMPUR (March 15): Petroliam Nasional Bhd (Petronas) has inked a memorandum of understanding (MoU) with China National Offshore Oil Corp (CNOOC) to pursue energy opportunities through close collaboration, it said.
In a statement today, Petronas said 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.
“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,” it said.
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, it said.
“Through the MoU, Petronas and CNOOC will explore the establishment of a global bunkering supply network, leveraging on both companies’ experience in LNG bunkering,” the statement read.
According to Petronas, its relationship with CNOOC in the LNG space 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. As for 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.
Source: The Edge