Abu Dhabi's state-owned oil company ADNOC has announced plans to invest $15 billion in decarbonization by 2030. It is to invest in clean power, carbon capture and storage, and the electrification of operations and energy efficiency projects.
ADNOC is the 12th largest oil company in the world by production. In 2021, the company's oil production capacity exceeded 4 million barrels per day. It plans to increase to 5 million barrels per day by 2030.
As of 2019, the UAE has the sixth-largest oil reserves in the world at 105 billion barrels. Most of the reserves are in Abu Dhabi.
Adnoc is one of the world's largest energy companies, measured by reserves and output, with 16 subsidiaries in the upstream midstream and downstream production stages. Adnoc is developing both onshore and offshore gas fields.
The United Arab Emirates said its energy transition investment plan for the decarbonization era follows the approval of its "Low Carbon Growth Strategy" and the ADNOC Board of Directors' "Net Zero Target by 2050."
ADNOC said the project is part of an action based on a zero-gas combustion policy. "We will apply rigorous commercial and sustainability assessments to ensure that each project has a lasting and tangible impact," the company said.
"Decarbonization investments will be implemented through projects across multiple value chains by 2030."
The oil and gas giant sees hydrogen as the energy of the future and invests in it. Invest billions of dollars to expand production capacity. It is preparing to invest heavily in energy transition initiatives led by hydrogen and carbon capture and storage projects.
ADNOC has said it will "announce a series of new projects and initiatives, including carbon capture and storage, innovative carbon removal technologies, investments in new and cleaner energy solutions and strengthening international partnerships."
With this investment, the company aims to reduce its carbon intensity by 25% by 2030 and move toward net zero by 2050.
Last month, the company launched a new business, Low Carbon Solutions & International Growth, in line with its ambition to achieve net zero emissions by 2050.
"The new business will focus on renewable energy, clean hydrogen and carbon capture and storage, as well as international expansion of gas, liquefied natural gas and chemicals," ADNOC said.
The company announced plans to deploy technologies to capture and store carbon while building an Allejada facility capable of capturing up to 800,000 tons of carbon per year, while preparing major investments to capture emissions from its gas processing facility, the company said. At 800,000 tons per year, it is the 14th largest in the world.
As of 2021, the Chute Creek gas processing plant in the United States is the world's largest carbon capture and storage facility with 7 million tons per year.
ADNOC plans to expand its capture capacity to 5 million tons per year by 2030, with the UAE firmly positioned as a global hub for carbon capture expertise and innovation.
ADNOC's carbon capture and storage expansion aims to support a significant scale expansion of hydrogen and low-carbon ammonia production capacity in Abu Dhabi with the development of a blue ammonia production facility of 1 million tons per year in Taziz, the Abu Dhabi Industrial Chemical Park.
As part of its low-carbon initiative, the company recently set a new upstream methane intensity target of 0.15% by 2025. This can be achieved by capturing additional carbon from gas processing plants and other sources. [GlobalEconomic]
Comments