Adnoc, Socar join forces to advance low-carbon energy technologies
SUMMARY
The two companies will explore opportunities to work together to advance blue hydrogen, carbon management and geothermal technologies.
By Shardul SharmaAbu Dhabi National Oil Company (Adnoc) and the State Oil Company of Azerbaijan Republic (Socar) have formed a strategic alliance to explore and develop low-carbon energy technologies, Adnoc said on December 5
The pact follows both Adnoc and Socar becoming founding signatories of the Oil and Gas Decarbonisation Charter, signed at COP28, that sets shared targets to eliminate routine flaring and zero out methane emissions by 2030 and achieve net zero by 2050.
The two companies will explore opportunities to work together to advance blue hydrogen, carbon management and geothermal technologies that can accelerate the decarbonisation of energy systems in the UAE, Azerbaijan and other key markets and support their net zero ambitions.
Adnoc has initially allocated $15bn to advance and accelerate lower-carbon solutions, new energies and decarbonisation technologies as it reduces its carbon intensity by 25% by 2030 and works towards net zero by 2045.
The UAE-based firm is also targeting carbon dioxide capture capacity of 10mn tonnes/year by 2030.
