Abu Dhabi National Oil Company, ADNOC and American oil company, Occidental have announced they have signed a strategic collaboration agreement to evaluate potential investment opportunities in CO2 capture and storage hubs in the UAE and US.
This is with a view to develop a carbon management platform to accelerate the net zero goals of both companies.
The companies will assess the joint development of one or more carbon management hubs in the UAE.
The hubs would be able to offer carbon capture services and provide the necessary infrastructure to safely transport CO2 from the UAE’s carbon-intensive and hard-to-abate sectors and permanently store it in Abu Dhabi’s ideal geological formations.
Vicki Hollub, president and CEO at Occidental, says: ‘We look forward to building on our longstanding partnership with ADNOC…Partnerships like this one are essential to helping the world reach its climate goals and ensure it has the resources it needs to thrive through the energy transition. We look forward to working with ADNOC on our shared vision of establishing a global net-zero ecosystem.’
Musabbeh Al Kaabi, executive director of low carbon solutions and international growth at ADNOC says: ‘As we accelerate our net zero ambition to 2045 and decarbonises operations, partnerships like this offer the potential to transform the systems that will be vital to provide the lower-carbon energy the world needs for the energy transition.’
