The deal with Saudi oil behemoth Aramco will see ADNOC explore investments in gas and LNG in an effort to expand its revenues.

Dr. Sultan Ahmed Al Jaber, UAE's Minister of State and ADNOC Group CEO, and Amin Nasser, President and CEO of Saudi Aramco, signed the agreement on the sidelines of 21st Abu Dhabi International Petroleum Exhibition and Conference.

Under the terms of the deal, ADNOC and Aramco have agreed to jointly conduct techno-economic feasibility studies and exchange knowledge and experiences in the energy sector.

Al Jaber said that increased cooperation between ADNOC and Aramco will ensure greater energy security and long-term economic prosperity for both nations.

"This agreement will ensure that we are well-positioned to secure greater returns from global LNG demand growth by combining the technological and operational expertise of two of the world's leading national oil companies," he said.

Earlier this month, ADNOC had announced that it aims to become self-sufficient as well as net gas exporter in the coming years. It announced investment of Dh486 billion to ramp up oil production and investments in gas in the coming years.

Aramco's Nasser said Saudi firm has shared strategic interest to expand its gas businesses, and this new agreement underlines its confidence in strong global gas demand growth.

In another development at ADIPEC 2018, ADNOC signed a memorandum of understanding (MoU) with the Indian Strategic Petroleum Reserves Ltd (ISPRL) to lease half of Padur gas storage facility in Karnata. The facility can store 17 million barrels of oil in its four compartments. Under the deal, ADNOC could store crude in 2 compartments.

Dr. Sultan Ahmed Al Jaber and India's Oil Minister Dharmendra Pradhan attended the signing ceremony at ADIPEC 2018 said, "India is an important oil market. It is our firm hope that we will be able to convert this framework agreement into a new mutually beneficial partnership that will create opportunities for ADNOC to increase deliveries of high-quality crude oil to India's expanding energy market and help India meet its growing energy demand and safeguard its energy security," Al Jaber said.