Eni, Abu Dhabi look at joint energy transition projects
Mubadala Petroleum, a wholly owned subsidiary of Abu Dhabi's Mubadala Investment Company and Italian Eni have signed a memorandum of understanding (MoU) to work together on energy transition projects, they said September 7.
These include hydrogen and carbon capture, use and storage (CCUS), that align with their respective decarbonisation targets. Potential joint opportunities can be "in the Middle East, north Africa, southeast Asia, Europe and other regions of mutual interest."
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Eni CEO Claudio Descalzi said Eni "will leverage all its proprietary technologies, focused on energy transition. We will work with a strategic partner like Mubadala Petroleum to find ways of reaching common decarbonisation targets worldwide.”
Mubadala Petroleum CEO Mansoor Mohamed Al Hamed said the company was pursuing a "gas-weighted portfolio as a key bridge to renewables." It is also investing in innovation and technology to advance decarbonisation and support the industry’s evolution.
Eni is aiming for a net zero carbon footprint for Scope 1 and 2 emissions from upstream activities by 2030 and from all group activities by 2040, with carbon neutrality for Scope 1-3 emissions by 2050. Recent initiatives include CCS projects in the UK, delivering carbon-neutral LNG cargos, enhancing electric charging services in Europe, new solar power capacity in Spain and France, and renewable energy projects in countries of operations such as Norway, Kazakhstan and Angola.