Dubai — Abu Dhabi National Oil Co., the UAE's main oil producer pumping some 3 million b/d, said Monday it had signed an agreement with Italy's Eni to explore collaboration on carbon capture, utilization and storage in a drive to lower CO2 emissions.
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Register NowThe agreement is part of a targeted approach to partnerships that can help maximize the value of the UAE's hydrocarbons and part of a 2030 "smart growth" strategy, ADNOC CEO Sultan al-Jaber said in a statement.
ADNOC has pledged to lower its greenhouse gas emissions and boost CO2 storage. Greenhouse gas emissions intensity will be cut by 25% by 2030 and its freshwater consumption will be limited to below 0.5% of total water use, ADNOC said 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.
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.