By creating and offering a full suite of carbon management solutions, major gas producers and exporters can create demand without fears of “locking-in” emissions or building “stranded assets”.
“This landmark project, is one of many tangible initiatives that Adnoc is delivering as we accelerate our decarbonisation plan to meet our Net Zero by 2045 ambition.”
The biggest oil producer in the United Arab Emirates is buying a stake in a natural gas field in Azerbaijan, marking the company’s first major international purchase of upstream hydrocarbon assets.
“We need to have the right engagement with difficult to engage countries,” Davis explained. “We have to engage the other half and try new approaches.”
Occidental Petroleum has agreed to partner with the top oil producer in the United Arab Emirates to explore investment in the US and overseas for giant plants that suck carbon dioxide out of the sky.
The company already operates the Al Reyadah carbon capture and storage (CCS) facility, which has 800,000 tpy of capacity.
“Through this pilot programme, we will gather important data on how hydrogen transportation technology performs as we continue to develop the UAE’s hydrogen infrastructure.”
“We are increasingly aware of the reputational challenges posed by our brand name and positioning,” the centre reported Adnoc as saying.
“Petrofac has a long and strong track record supporting Adnoc in the UAE, rooted in our steadfast commitment to maximising local delivery, investing in the local supply chain, and developing local teams," said Petrofac Engineering & Construction COO Elie Lahoud.
The Lower Zakum long-term development plan aims to increase production to a peak of 500,000 barrels per day. Adnoc expects to achieve this in around five years.
In May, reports suggested Adnoc and Apollo had offered $7.6 billion for Braskem.
The new rigs will use a high capacity battery and engine, in parallel to traditional diesel generators. As a result, Adnoc Drilling said the new units would reduce greenhouse gas emissions by 15% in comparison with a traditional rig.
Creating the new grade could help ensure the quality of Adnoc’s other offshore crudes by weeding out heavier barrels.
By 2027, rig demand in the GCC area will be 53% higher than 2019, Westwood’s Jensen predicted.
“Last year, developing economies received only 20% of clean tech investments. These economies represent 70% of the world's population – that's over 5 billion people,” Sultan Al Jaber said.
The Al Ruwais facility would use electric-drive trains, running on renewables and nuclear power. As a result, Adnoc said, it will be “one of the lowest carbon intensity LNG facilities in the world”.
BP said the offer was in line with its "stated strategy and financial frame including current guidance for capital expenditure".
Eni said the companies may work together in renewable energy, blue and green hydrogen, carbon capture and storage (CCS), tackling methane emissions and other areas.
The company said the new rig order was a “direct response” to Adnoc’s production targets. It aims to reach 5 million barrels per day of capacity by 2027, in addition to achieving gas self sufficiency for the United Arab Emirates.
Cepsa said the sale was intended to allow it to focus on its Positive Motion strategy. This will make Cepsa a leader in sustainable mobility, biofuels and green hydrogen in Spain and Portugal, it said.
The offer runs until March 1. It covers around 4% of the shares in the company. It will raise $1.9 to 2 billion. The price values Adnoc Gas at $47 to 50.8bn.
Alebri said the delivery “demonstrates how the UAE is continuing to work closely with our strategic partners in responsibly providing secure, sustainable and affordable energy supplies”.
Adnoc has awarded a pre-construction award for offshore facilities on the Hail and Ghasha project to a group including National Petroleum Construction Co. (NPCC).
Adnoc has awarded Samsung Engineering a letter of award for pre-construction services on the Hail and Ghasha project.
Adnoc has struck a deal with 44.01 to bring technology to Fujairah to transform CO2 into rock.