ADNOC and Occidental to Evaluate Carbon Management Projects in the UAE and US

ADNOC and Occidental to Evaluate Carbon Management Projects in the UAE and US

ADNOC and Occidental today announced they have signed a strategic collaboration agreement (SCA) to evaluate potential investment opportunities in carbon dioxide (CO2) capture and storage (CCS) hubs in the United Arab Emirates (UAE) and United States (US) with a view to develop a carbon management platform to accelerate the net zero goals of both companies.

The agreement is enabled by the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to catalyze $100 billion (AED367 billion) in clean energy and carbon management projects, including CCS and direct air capture (DAC), by 2035.

In January 2023, an expert body was formed to govern PACE, co-chaired by His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and ADNOC Managing Director and Group CEO, and Amos Hochstein, White House Senior Advisor to the President for Energy and Investment.

Amos Hochstein, Senior Advisor to the President for Energy and Investment at the White House, said: “The world is going to need a host of technologies, including DAC and CCUS, to meet our global climate objectives. This important announcement is a great example of what the U.S.-UAE Partnership for Accelerating Clean Energy (PACE) can help enable. I