UAE-based Abu Dhabi National Oil Co (ADNOC) signed an agreement with US-based Occidental Petroleum Corp to evaluate potential investment opportunities in carbon dioxide (CO2) capture and storage in the United States and United Arab Emirates.
ADNOC said the agreement aims to develop a carbon management platform to accelerate the net zero goals of both companies. Also, this signed agreement is expected to catalyse $100 billion (AED367 billion) in clean energy and carbon management projects by 2035.
As part of the agreement, ADNOC said the company along with Occidental are evaluating the development of Direct Air Capture (DAC) facilities in UAE. ADNOC is doubling down on decarbonization to deliver on its net zero by 2045 ambition and is keen to work with investors, climate technology providers and industry on its journey to a lower carbon future.
Musabbeh Al Kaabi, executive director of low carbon solutions and international growth at ADNOC said, “This agreement highlights how the UAE-US Partnership for Accelerating Clean Energy is driving innovative climate technologies to decarbonize the energy sector.”
ADNOC said the companies together will assess the joint development of one or more carbon management hubs in the UAE. These hubs would offer carbon capture services and provide infrastructure to safely transport CO2 from UAE’s carbon-intensive and hard-to-abate sectors and permanently store it in Abu Dhabi’s ideal geological formations, the company added.
