KUALA LUMPUR (Oct 31): Petroliam Nasional Bhd’s (Petronas) exploration and production arm have agreed to work with Dubai-government-owned Dragon Oil (International) Ltd to identify potential ventures in international exploration and production of oil and gas.

According to a statement, the memorandum of understanding was signed on Friday via Petronas’ wholly-owned subsidiary Petronas Carigali International Ventures Sdn Bhd.

“This MOU demonstrates our clear progress of building on the strength of our existing footprint and shaping a more connected, resilient upstream landscape,” said Petronas executive vice-president and chief executive officer of upstream business Mohd Jukris Abdul Wahab.

Dragon Oil is a wholly-owned subsidiary of the Dubai government-owned Emirates National Oil Company, according to its company website. It is principally involved in exploration, development and production operations of oil and gas in the upstream segment and operates in the Middle East, Caspian Sea and North Africa.

The MOU was signed between Petronas senior general manager of strategy and commercial Azahari Mohd Shuid and Dragon Oil chief growth officer Fareed Abdulla Al Hashmi.

Details of the agreement’s value were not disclosed.