UAE's ADNOC, ENI to collaborate on CO2 storage amid push for lower emissions

Dubai — Abu Dhabi National Oil Co., the UAE's main oil producer pumping some 3 million b/d, said Monday it signed an agreement with Italy's ENI to explore collaboration on carbon capture, utilization and storage as the state-owned company seeks to lower its CO2 emissions.

"The agreement underscores ADNOC's targeted approach to value-add partnerships that is enabling us to unlock and maximize value from Abu Dhabi's substantial hydrocarbon resources as we deliver our 2030 smart growth strategy," ADNOC Group CEO Sultan al-Jaber said in a statement.

ADNOC has pledged to lower its greenhouse emissions and boost CO2 storage to bolster its environmental, social and governance performance. Greenhouse gas emissions intensity will be cut 25% by 2030 and its freshwater consumption ratio will be limited to below 0.5% of total water use, ADNOC said earlier this month. The company also plans to boost its capacity to capture CO2 from its own gas plants to 5 million tons/year of CO2 by 2030, from 800,000 tons/year.

"Both companies will collaborate to pursue new mid-term solutions aimed at leading the current energy transition in line with Eni's decarbonization strategy aimed to achieve net zero emissions in its upstream business by 2030," ENI CEO Claudio Descalzi said in the statement.

Currently there are 51 large-scale Carbon Capture and Storage (CCS) facilities in operation or under development globally in a variety of industries and sectors, according to the Global CCS Institute. These include 19 facilities in operation, four under construction, and 28 in various stages of development, according to the think tank. Three of them are in the Middle East.