The Abu Dhabi National Oil Company (Adnoc) and Eni signed a strategic framework agreement to explore new opportunities in carbon capture utilisation and storage (CCUS). Eni is Italy’s leading energy company.
The carbon dioxide will be used to improve the hydrocarbon recovery and will be permanently stored. Under the terms of the agreement, both companies will also tap into research and development opportunities in the oil and gas sector. The two energy producers will use their top talent and sophisticated technologies to extract value from the sector.
Adnoc and Eni will be able to strengthen their upstream and downstream businesses. Also, the potential collaboration between both companies over research and development is in line with Adnoc’s strategy to drive innovation and seek new technological adoption.
The framework agreement was signed by His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc Group CEO and Claudio Descalzi, CEO of Eni.
H.E. Dr. Al Jaber said in a statement, “We are pleased to sign this strategic framework agreement with Eni that builds on our successful partnerships across the oil and gas value chain. Importantly, the agreement underscores ADNOC’s targeted approach to value-add partnerships that is enabling us to unlock and maximize value from Abu Dhabi’s substantial hydrocarbon resources as we deliver our 2030 smart growth strategy.”
Eni has established its presence in Abu Dhabi since 2018. The company has three offshore developments and two offshore exploration concessions. Currently, the company’s equity production in Abu Dhabi is around 50,000 barrels per day.