UAE’s ADNOC partners with Occidental to explore CCU investments

UAE’s ADNOC partners with Occidental to explore CCU investments

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ADNOC Group has partnered with Occidental Petroleum to explore carbon capture and storage (CCS) investment opportunities in the UAE and the US to create a carbon management platform to accelerate the two entities’ net zero goals.

The partnership between ADNOC and Occidental is backed by the agreement between the UAE and the US to invest $100bn (Dhs367bn) in clean energy and carbon management projects, including CCS and direct air capture (DAC) by 2035.

Under the partnership, ADNOC and Occidental are evaluating the development of DAC facilities in the UAE, including what could be the first megaton DAC project constructed outside of the US. The duo will also assess the joint development of one or more direct air-capture plants in the UAE that could absorb as much as one million tons of carbon dioxide annually.

The hubs would be able to offer carbon capture services and provide the necessary infrastructure to safely transport carbon dioxide from the UAE’s carbon-intensive and hard-to-abate sectors and permanently store it in Abu Dhabi’s ideal geological formations.

ADNOC plans to invest in several DAC and carbon sequestration hubs in the US that are under development by Occidental’s subsidiary, 1PointFive. 1PointFive’s Stratos DAC project in