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FILE PHOTO: The logos of the China National Offshore Petroleum Corporation (CNOOC) are posted at a press conference on the company's interim results in Hong Kong, China on March 23, 2017. REUTERS / Bobby Yip / File Photo
BEIJING / SINGAPORE (Reuters) – CNOOC has signed a memorandum of understanding with Abu Dhabi National Oil Co (ADNOC) on upstream exploration and development, oil refining and liquefied natural gas trade (LNG) China reported Monday the Chinese news agency.
The memorandum of understanding was signed on the sidelines of a state visit by the crown prince of Abu Dhabi, Sheikh Mohammed bin Zayed.
Under the agreement, the companies will share the latest know-how in the development of ultra-acid natural gas fields, the report quoted CNOOC as saying.
The two companies will consider using the technical services of CNOOC, Offshore Oil Engineering Co Ltd (600583.SS) and China Oilfield Services Ltd (601808.SS), as contractors for the design, procurement and construction, as well as for the supply of oil services for ADNOC.
Companies will also explore the possibility of cooperating in LNG marketing and purchasing.
In the downstream oil and petrochemical refining sector, ADNOC will examine investment opportunities in CNOOC's existing refineries, the report says.
Reportage of Muyu Xu and Chen Aizhu; edited by Christian Schmollinger
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