Abu Dhabi National Oil Company (ADNOC) said on Jan. 5 it would allocate $15 billion to decarbonization projects by 2030.
The projects will include investments in clean power, carbon capture and storage (CCS) and electrification, a statement by the company said.
ADNOC's board of directors approved in November the acceleration of the company's low-carbon growth strategy and its goal of net zero by 2050.
The Abu Dhabi energy group will announce initiatives throughout 2023, including a CCS project, investments in new and cleaner energy solutions and international partnerships, the statement said.
ADNOC is committed to reducing its carbon intensity by 25% by 2030.
It plans to grow its carbon capture capacity to 5 million tonnes by that year.
ADNOC's expansion of its lower carbon energy portfolio will be largely delivered through its stake in Masdar, the UAE's clean energy vehicle.
Recommended Reading
Nigeria Halts Shell Asset Sale, Approves Exxon-Seplat Deal
2024-10-21 - Nigeria blocked Shell's sale of its entire onshore and shallow-water oil operations.
Q&A: How EthosEnergy Keeps the Oil and Gas World Spinning
2024-12-04 - EthosEnergy CEO Ana Amicarella says power demands and tools are evolving onshore and offshore and for LNG and AI.
Classic Rock, New Wells: Permian Conventional Zones Gain Momentum
2024-12-02 - Spurned or simply ignored by the big publics, the Permian Basin’s conventional zones—the Central Basin Platform, Northwest Shelf and Eastern Shelf—remain playgrounds for independent producers.
Now, the Uinta: Drillers are Taking Utah’s Oily Stacked Pay Horizontal, at Last
2024-10-04 - Recently unconstrained by new rail capacity, operators are now putting laterals into the oily, western side of this long-producing basin that comes with little associated gas and little water, making it compete with the Permian Basin.
Freshly Public New Era Touts Net-Zero NatGas Permian Data Centers
2024-12-11 - New Era Helium and Sharon AI have signed a letter of intent for a joint venture to develop and operate a 250-megawatt data center in the Permian Basin.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.