Petronas has activated its business continuity protocols for its United Arab Emirates (UAE) operations to ensure operational and financial performance across the region, Bernama reported.
In an email response to Bernama, the national oil company said as part of these measures, the group has commenced the temporary relocation of personnel from its operations in Abu Dhabi and Dubai as a precautionary step.
“All operations in the UAE continue to be managed through alternative arrangements. Operations outside of the UAE across the region continue as usual,” it added.
This week, QatarEnergy declared force majeure on its liquefied natural gas (LNG) supplies following the suspension of production at several key export facilities.
Force majeure in the oil and gas industry is a contractual provision that relieves parties from performing obligations, such as supply or exploration, due to unforeseeable and uncontrollable events, including natural disasters, wars, pandemics, or government actions that make performance impossible.
It requires a specific clause, timely notice and strict compliance and does not extend to mere economic hardship or market downturns.
In February, Petronas’s subsidiary, Petronas LNG Ltd (PLL), signed a 20-year LNG sale and purchase agreement (SPA) with QatarEnergy, marking the first long-term LNG supply agreement between the two companies.
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