Italian oil and gas firm Eni and Abu Dhabi National Oil Company (Adnoc) have signed a memorandum of understanding (MoU) for the joint development of research initiatives to create advanced technological solutions that help to reduce CO2 emissions at oil fields.
As part of the strategic collaboration, the two entities will explore new opportunities in carbon capture utilisation and storage (CCUS) technologies.
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Under the MoU, the two entities will be able to explore high-efficiency technologies for carbon capture with resulting decarbonisation impacts on the hydrocarbon value chain, as well as other associated industrial activities.
ADNOC Group CEO Sultan Ahmed Al Jaber said: “Importantly, the agreement underscores ADNOC’s targeted approach to value-add partnerships that are enabling us to unlock and maximise value from Abu Dhabi’s substantial hydrocarbon resources as we deliver our 2030 smart growth strategy.”
This MoU will help the two firms to extend their partnership in research areas of common interest and focus on long-term engagement in targeting a low carbon capture.
The agreement is also built on ADNOC’s sustainability goals aimed at decreasing its greenhouse gas (GHG) intensity by 25% by 2030, enabled by CCUS programme.
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By GlobalDataEni CEO Claudio Descalzi said: “Both companies will collaborate to pursue new mid-term solutions aimed at leading the current energy transition in line with Eni’s decarbonisation strategy aimed to achieve net-zero emissions in its upstream business by 2030 and ADNOC’s recently announced sustainability goals.”
The two firms will develop research and development (R&D) projects that are focused on the reduction of CO2 emissions and the circular economy.
In August 2019, Eni and ADNOC closed their previously announced $3.24bn strategic partnership, which sees the establishment of a new trading joint venture (JV) between two companies and Austrian firm OMV.
