Adnoc and TotalEnergies have signed a deal to work together, while France and the United Arab Emirates have also made high-level commitments.
UAE President Sheikh Mohamed bin Zayed Al Nahyan and French President Emmanuel Macron witnessed the signing of the agreements during wide-ranging talks in Paris. France and the UAE have agreed a Comprehensive Strategic Energy Partnership (CSEP), they said.
Meanwhile, Adnoc and Total said they would work together on gas, carbon capture utilisation and storage (CCUS) and trading. Adnoc head Sultan Ahmed Al Jaber signed the deal with Total chairman and CEO Patrick Pouyanné.
“TotalEnergies is a longstanding strategic partner and we are very pleased to build on our successful partnerships through this agreement as the UAE and France strengthen energy co-operation,” said Al Jaber.
“We look forward to working with TotalEnergies to unlock the opportunities presented by the agreement across the energy value chain to enable more secure, affordable and sustainable energy for our countries and the world.”
Pouyanné welcomed the “multi-energy co-operation” agreement with ADNOC. “Our partnership across the entire energy value chain allows our two companies to join forces to contribute to the energy supply of global markets, while reducing carbon emissions from our operations.”
Total provided further insights into the deal. It covers the companies working together on developing oil and gas projects in the UAE, the supply of diesel from the UAE to France and plans for a CCUS project in the UAE.
The French company has been working in Abu Dhabi since 1939. It has equity production of 280,000 barrels of oil equivalent per day.
The CSEP is focused on energy security, affordability and decarbonisation, UAE news agency WAM reported, ahead of COP28. This will take place in the UAE in 2023.
The CSEP is a “robust platform for us to work together to better deliver secure, affordable and sustainable energy required to drive economic growth and prosperity for our countries and the world”, said Al Jaber.
“The landmark agreement deepens the cooperation between our countries across the energy value chain and unlocks technology and energy solutions that are good for the climate and the economy,” he continued.
The UAE is eager to seek partnerships “across conventional and new energies”. It is also eager to “capitalise on the economic opportunities of the energy transition, strengthen industrial cooperation and drive sustainable growth”.