Abu Dhabi National Oil Co. (ADNOC), the main oil producer of the United Arab Emirates, and Santos Ltd., an Australian energy company, are collaborating on carbon management and technology to capture emissions contributing to global warming. The companies’ partnership aims to develop technology that supports their customers in the Asia-Pacific region as they strive to reduce emissions, according to a statement from ADNOC.
This technology is highly sought after by the oil industry and is viewed as a critical tool in fighting climate change. The potential of carbon capture has been supported by companies like Exxon Mobil Corp., but there have been concerns about its cost and scale needed for effective emission reduction.
The UAE ranks third in the list of the biggest oil producers, and it has declared a net zero target for 2050. This was the first major middle eastern petrostate to declare this target, with the oil industry playing a central role in its economy. Despite this contribution, ADNOC is investing billions of dollars in technologies to mitigate emissions. The company is working on several similar projects and fields in the emirate, including capturing 10 million tons of emissions annually by 2030 from a significant gas field off the UAE coast.
“Large-scale up of CCS is required to meet the world’s climate objectives,” said Alan Stuart-Grant, executive vice president for energy solutions at Santos, emphasizing the importance of carbon capture technology.
ADNOC’s vision for capturing 10 million tons of emissions annually by 2030 is part of its efforts to reduce its own emissions from its operations, which currently contribute significantly to global greenhouse gas emissions. By investing in carbon capture technology and other mitigation measures, ADNOC hopes to achieve its net zero target while continuing to support economic growth in the UAE through its oil industry operations.