BP has been an investor in Abu Dhabi since 1939, the company’s net share of production from Abu Dhabi is around 170 000 barrels of oil per day from ADNOC Onshore.
Bernard Looney, BP’s CEO, said:
- The UK and UAE governments have bold plans for decarbonization
- By partnering with the visionary leaders of ADNOC and Masdar, we see massive business opportunity to generate the clean energy the world wants and needs
Access to clean hydrogen can reduce emissions, enable new, low carbon products, and unlock future fuels.
As part of the 1st agreement, bp, ADNOC and Masdar also intend to pioneer decarbonized air corridors between the UK and UAE – one of the busiest global air travel routes – further strengthening the commercial and cultural ties between the 2 countries in a sustainable way.
Ahmed Al Jaber, CEO of ADNOC and Chairman of Masdar added:
- The agreements signed today between ADNOC, Masdar and BP will serve to deepen the strategic relationship between our countries
- We look forward to building upon this legacy to strengthen both countries’ ambitions to generate economic growth through low-carbon initiatives
The 2 companies will initially focus on the application of energy efficiency and storage, cleaner fuels and distributed renewables generation.