Abu Dhabi National Oil Company (ADNOC) has signed a strategic framework agreement with Italian energy company Eni, to explore new opportunities for collaboration in carbon capture utilisation and storage (CCUS).
Under the terms of the agreement, the two companies will jointly explore opportunities for collaboration in relation to innovative geomechanical and geochemical workflows for CCUS programs, as well as in advanced analysis and modelling of thermally-induced fractures in oil and gas reservoirs.
Geomechanics refers to the study of how subsurface rocks deform or fail in response to changes in stress, pressure, and temperature, while geochemistry relates to the study of the chemical composition of the earth’s crust. Both relate to the development of CCUS programs.
The two entities will also look at additional strategic opportunities in research and development (R&D) across the oil and gas value chain.
This agreement builds on ADNOC’s recently announced sustainability goals, and in particular its commitment to decrease its greenhouse gas (GHG) intensity by 25 per cent by 2030, enabled by its CCUS program.
His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and ADNOC Group CEO, said: “Importantly, the agreement underscores ADNOC’s targeted approach to value-add partnerships that enables us to unlock and maximise value from Abu Dhabi’s substantial hydrocarbon resources.”
Claudio Descalzi, CEO of Eni, added: “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 decarbonization 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 businesses.”
The two partners also agreed to assess additional strategic opportunities for collaboration in R&D that can potentially optimise performance, drive efficiencies and unlock greater value for both companies.
For more information visit www.adnoc.ae