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The national oil producer of the United Arab Emirates and Australia’s energy group Santos have teamed up to jointly explore the development of a global carbon management platform to help customers in the Asia Pacific region cut emissions.
Abu Dhabi National Oil Company, which pumps nearly all the oil in OPEC’s third-largest producer, the UAE, will also work with Santos to advance carbon capture and storage, or CCS, technologies, and explore the development of a carbon dioxide shipping and transportation infrastructure network to enable heavy-emitting sectors to capture, ship, and permanently store CO2, the UAE oil giant said on Tuesday.
“Large scale-up of CCS is required to meet the world’s climate objectives and companies like Santos and ADNOC have the technology, infrastructure and knowledge to be able to deliver low-cost CCS and low-carbon energy competitively on a global scale,” Alan Stuart-Grant, Energy Solutions Executive Vice President at Santos, said in a statement.
“There is an enormous opportunity for traditional energy suppliers like Australia and the UAE to be at the forefront of helping regional decarbonization through utilization of our natural competitive advantages in carbon storage and energy supply chains.”
This is not the first carbon capture and carbon management deal for ADNOC, the national company of the country hosting the COP28 summit in Dubai later this month.
Last month, ADNOC and Occidental announced an agreement to undertake a joint preliminary engineering study for the construction of the first megaton-scale direct air capture facility outside the United States.
ADNOC is targeting a carbon capture capacity of 10 mtpa by 2030, equivalent to taking over 2 million internal combustion vehicles off the road.
The UAE’s oil giant was the first national oil company to announce a net-zero emissions target, which it recently brought forward to 2045 from a previous target of 2050, becoming the first oil company in its peer group to commit to net zero in 2045.
ADNOC's group CEO Sultan Ahmed Al Jaber is president-designate of COP28, and the company has been announcing various low-carbon strategies ahead of the summit, saying the oil industry must lead global decarbonization efforts.
By Tsvetana Paraskova for Oilprice.com
Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.