The Abu Dhabi National Oil Company (ADNOC) signed a strategic framework agreement with the Italian giant, Eni, to cooperate in carbon capture utilization and storage (CCUS), according to Khaleej Times.
The agreement was signed by Sultan Ahmed Al Jaber, the UAE Minister of State and ADNOC CEO, and Claudio Descalzi, Eni’s CEO.
Under the terms of the agreement, the two companies will jointly explore innovative geo-mechanical and geo-chemical workflows for CCUS programs, as well as advanced analysis and modeling of thermally induced fractures in oil and gas reservoirs. The agreement builds on ADNOC’s sustainability goals to decrease its greenhouse gas (GHG) intensity by 25% by 2030.
Al Jaber noted that this agreement will foster the partnership between ADNOC and Eni across the oil and gas value chain. He added that it will enable them “to unlock and maximize value from Abu Dhabi’s substantial hydrocarbon resources as we deliver our 2030 smart growth strategy. We look forward to swiftly developing this framework agreement to another new mutually beneficial partnership with Eni as the agreement offers significant potential for exciting and sustainable growth opportunities.”
“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 businesses,” Descalzi commented.