Mubadala Petroleum and Eni sign MoU for energy transition cooperation
9 Sep 2021
Mubadala Petroleum, a fully owned subsidiary of Mubadala Investment Company, and Eni have signed a memorandum of understanding (MoU) to identify cooperation energy transition opportunities
Mubadala Petroleum, a fully owned subsidiary of Mubadala Investment Company, and Eni have signed a memorandum of understanding (MoU) to identify cooperation energy transition opportunities.
Areas for cooperation highlighted in the MoU include hydrogen, carbon capture, utilisation and storage that align with their respective decarbonisation targets.
The cooperation agreement covers potential joint venture (JV) opportunities in the Middle East, North Africa, South East Asia, Europe and other regions of interest.
Eni has set a target for carbon neutrality by 2050. Mubadala is pursuing a number of energy transition opportunities through its clean energy company Masdar and also through its membership of the Abu Dhabi Hydrogen Alliance, which it established a long with Abu Dhabi National Oil Company (Adnoc) and wealth fund ADQ earlier this year.
“We are committed to playing our part in the energy transition. This includes pursuing a gas-weighted portfolio as a key bridge to renewables. It also includes investing in innovation and technology to advance decarbonization and support the industry’s evolution. Working with partners to build on the progress we have already made is vital and we look forward to advancing this collaboration,” Mansoor Mohamed al-Hamed, Mubadala Petroleum CEO, was quoted in a press release following the MoU signing.
“The agreement signed with Mubadala Petroleum, represents another step towards a low carbon emission future. Eni will leverage all its proprietary technologies, focused on energy transition. We will work with a strategic partner like Mubadala Petroleum to find ways of reaching common decarbonisation targets worldwide,” Claudio Descalzi, Eni CEO, said following the signing of the agreement.
Eni decarbonisation path envisages a Net Zero Carbon Footprint for Scope 1 and 2 emissions from upstream activities by 2030 and from all Group activities by 2040.
This is aiming to accomplish the net-zero target on GHG Lifecycle emissions Scope 1, 2 and 3 by 2050 with full decarbonisation of products and operations. This will be achieved through bio-refining, circular economy, efficiency and digital solutions, increased renewables capacity, blue and green hydrogen, carbon capture, utilization and storage projects and REDD+ initiatives.
Recent initiatives include CO2 capture and storage projects in the UK, delivering carbon-neutral LNG cargos, enhancing electric charging services in Europe, new solar power capacity in Spain and France, and renewable energy projects in countries of operations such as Norway, Kazakhstan and Angola.
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