Exxon Mobil Corporation, one of the world’s largest integrated fuels, lubricants, and chemical companies, has announced a strategic partnership with Abu Dhabi National Oil Company (ADNOC) to expand the capacity of the UAE’s Upper Zakum field. This move is part of multiple agreements that could potentially enable $60 billion in U.S. investments in UAE energy projects.
Key Details
- Current Production: The Upper Zakum field is currently capable of producing more than 1 million barrels per day.
- Expansion Goals: ADNOC has not specified the target production level for this expansion.
- Exxon Mobil’s Strategy: The company aims to increase its total global output despite market volatility, following a record quarterly profit earlier this year.
Broader Context
This partnership is part of several other deals announced last week by Saudi Aramco with major energy companies, including:
- Occidental Petroleum Corp.
- Chevron Corp.
- TotalEnergies SE
- Royal Dutch Shell Plc
- Eni SpA
- Lukoil PJSC
Statements from Leadership
Sultan Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director & Group CEO, stated:
“The deep-rooted bilateral relationship between the UAE & US is underpinned by our shared commitment to enabling energy abundance & we are reinforcing this commitment through these agreements with US energy majors.”
Exxon Mobil’s Global Operations
Exxon Mobil operates facilities and markets products around the globe, exploring for oil and natural gas on six continents. The company will collaborate closely with ADNOC on this project and other strategic initiatives aimed at increasing global energy production.
Additional Agreements
In addition to its partnership with Exxon Mobil, ADNOC signed an agreement for U.S.-based Occidental Petroleum Corp.’s Oxy Low Carbon Ventures unit to develop carbon capture technology at its Fujairah refinery in Abu Dhabi.
Recent Engagements
UAE President Sheikh Mohammed bin Zayed al-Nahyan met with senior executives from major international oil companies, including ExxonMobil Chief Executive Darren Woods, during his visit last month.
This partnership and the associated agreements signify a strong commitment to enhancing energy production and sustainability in the region.
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