According to a report by Offshore Engineering Network on August 2nd, Abu Dhabi National Oil Corporation (ADNOC) and American oil company Occidental have agreed to cooperate on carbon dioxide capture and storage (CCS) in the United Arab Emirates (UAE) and the United States.
As part of the agreement supported by the UAE US Accelerated Clean Energy Partnership (PACE), the two companies are exploring the feasibility of establishing direct air capture (DAC) facilities in the UAE.
The PACE, launched in November 2022, aims to release $100 billion (367 billion dirhams) in investment by 2035 to support clean energy and carbon management projects.
ADNOC and Western Petroleum will also evaluate the construction of one or more carbon management centers in the United Arab Emirates.
These centers will provide necessary infrastructure and carbon capture services to transfer carbon dioxide from carbon intensive and difficult to reduce industries in the UAE and store it in geological structures.
According to the agreement, ADNOC will also participate in several DACs and carbon dioxide storage facilities being developed by Western Oil Company's subsidiaries in the United States.
Musabbeh Al Kaabi, Executive Director of ADNOC Low Carbon Solutions and International Growth, stated that, The need to significantly reduce carbon emissions to address climate change is clear and urgent, and carbon capture is an important technology that can scale up to achieve decarbonization in all industries. As we accelerate our goal of achieving net zero emissions by 2045 and achieve business decarbonization, such partnerships offer the potential to transform systems, which is crucial for providing the low-carbon energy needed for the world's energy transition.
Vicki Hollub, CEO of Western Petroleum, said, "We look forward to establishing a long-term partnership with ADNOC, while advancing our plans to deploy DAC technology globally, and collaborating with partners dedicated to developing carbon solutions on a climate related scale. Such partnerships are crucial for helping the world achieve its climate goals and ensuring that the world has the resources necessary to achieve prosperity through energy transformation.".
The alliance announced the goal of achieving net zero emissions by 2045, after the oil giant's previous goal was to achieve net zero emissions by 2050.