Abu Dhabi National Oil Co., d/b/a Adnoc, signed a strategic collaboration agreement with South Korea to boost cooperation for the long-term supply and storage of crude.
The agreement, signed with South Korea's Ministry of Trade, Industry and Resources, covers the supply of up to 24 million barrels of United Arab Emirates crude to South Korea, according to a Wednesday release.
The deal also includes alternative export routes with lower exposure to disruptions, Adnoc noted.
Santos (ASX:STO) said it would increase indigenous participation by strengthening training and employment initiatives in the Northern Territory, according to a Wednesday statement.It also launched its updated 2030 Indigenous Participation Plan to create sustainable employment, training, and business opportunities for Aboriginal and Torres Strait Islander peoples across Australia.The Barossa Aboriginal Future Fund launched the Saltwater Pathways Program, a pilot training and employment initiative, supported by the Barossa joint venture partners Santos, PRISM Energy Australia, and JERA Australia.The fund will invest nearly AU$3.1 million over three years to deliver the program.Santos' shares climbed 5% in recent trading on Wednesday.
Abu Dhabi National Oil Co., d/b/a Adnoc, launched a marketing and trading platform in Abu Dhabi's international financial center ADGM, or Abu Dhabi Global Market.The global platform for trading and marketing liquefied natural gas is meant to boost the flexibility and shipping options for Adnoc Gas' expanding LNG portfolio, the oil giant said Monday. Adnoc noted that the platform will also capitalize on the marketing activities of its international energy investment company XRG.The new platform will target 47 million tonnes per annum of combined marketable LNG by 2035.
Seven members of the Organization of the Petroleum Exporting Countries and other oil-producing countries, or OPEC+, agreed to raise August oil output targets by 188,000 barrels per day.Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, and Oman, in their virtual meeting on Sunday, said the move will enable the participating countries to accelerate their compensation, according to a same-day release.The seven producers will again meet on Aug. 2 to assess market conditions and compensation.