ADNOC and ENI have signed a strategic framework agreement to explore collaboration opportunities for carbon capture utilisation and storage as well as research and development across the oil and gas sector.
The agreement will utilise the two leading energy producers’ talent and technologies to unlock value in areas of strategic importance to both companies while reinforcing their existing partnerships across the oil and gas value chain.
It also builds on ADNOC’s recently announced sustainability goals, particularly its commitment to decrease its greenhouse gas intensity by 25% by 2030.
The companies will jointly explore collaboration opportunities relating to innovative geomechanical and geochemical workflows for CCUS programmes as well as in advanced analysis and modelling of thermally induced fractures in oil and gas reservoirs. Both geomechanics and geochemistry relate to the development of CCUS programmes.
His Excellency Dr. Sultan Ahmed Al Jaber, UAE minister of state and ADNOC CEO, says: ‘We are pleased to sign this strategic framework agreement with Eni that builds on our successful partnerships across the oil and gas value chain. Importantly, the agreement underscores ADNOC’s targeted approach to value-add partnerships that is enabling us to unlock and maximise value from Abu Dhabi’s substantial hydrocarbon resources as we deliver our 2030 smart growth strategy.’
Claudio Descalzi, CEO of Eni, adds: ‘This MoU further demonstrates Eni’s strong commitment to strengthening our important partnership with ADNOC, such an important actor, and generating positive impact across our value chain.
‘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.
‘This is a holistic collaboration that will further strengthen the alliance between the two companies by designing technological trajectories for the evolution and transformation of the upstream and downstream business.’
Additionally, both companies will also look to collaborate in R&D that can potentially optimise performance, drive efficiencies and unlock greater value for both companies.