Abu Dhabi National Oil Company (ADNOC) has formed a partnership with SOCAR to develop low-carbon energy technologies.
Under the alliance, ADNOC and SOCAR, an Azerbaijan state-owned oil company, will work on blue hydrogen, geothermal and carbon management technologies.
The result is expected to aid the United Arab Emirates (UAE), Azerbaijan and other markets in achieving their net-zero goals and speed up the decarbonisation of energy systems.
ADNOC said the alliance builds upon the strategic bilateral energy relationship between Azerbaijan and the UAE.
UAE Government-backed ADNOC owns a 30% interest in the Absheron gas and condensate field, offshore Azerbaijan.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
ADNOC executive-director for low-carbon solutions and international growth Musabbeh Al Kaabi said: “This latest collaboration with SOCAR underscores the importance of our industry working together to advance low-carbon solutions and accelerate decarbonisation.”
SOCAR vice-president for energy transition, environment and decarbonisation Afgan Isayev said: “This partnership highlights our unwavering commitment to advancing the energy transition and reinforces the strong bilateral ties between SOCAR and ADNOC.
“This collaboration signifies our collective pursuit of a greener future, leveraging our combined expertise for sustainable energy practices. This partnership highlights our unwavering commitment to advancing the energy transition and reinforces the strong bilateral ties between SOCAR and ADNOC.”
The partnership comes after ADNOC and SOCAR joined the Oil and Gas Decarbonization Charter at COP28 as signatories, which includes a total of 50 oil and gas companies.
Common goals outlined in the charter include achieving net zero by 2050, eliminating routine flaring and zeroing out methane emissions by 2030.
ADNOC has set aside an initial $15bn (Dh55.09bn) for lower-carbon solutions, new energy and decarbonisation technology.
The Middle East oil and gas major aims to cut its carbon intensity by 25% by 2030 and reach net zero by 2045.