ADNOC & Occidental to explore carbon energy projects in UAE & US

ADNOC & Occidental to explore carbon energy projects in UAE & US

Abu Dhabi National Oil Company (ADNOC) and Occidental Petroleum Corporation (OXY), an American company engaged in hydrocarbon exploration, have signed a strategic collaboration agreement (SCA) to evaluate potential investment opportunities in carbon dioxide capture and storage (CCS) hubs in UAE and US, 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 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 Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology (MoIAT) and Managing Director and Group CEO of ADNOC, and Mr. Amos Hochstein, US Special Presidential Coordinator for Global Infrastructure and Energy Security.

“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 look forward to what this agreement yields,” Mr. Hochstein said.

Musabbeh Al Kaabi

Executive Director

Low carbon solutions