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BP, ADNOC and Masdar to collaborate on clean energy development in the UK and UAE

The United Arab Emirates will invest nearly €12 billion in the sectors of technology, infrastructure and energy transition in the United Kingdom

BP, ADNOC and Masdar to collaborate on clean energy development in the UK and UAE

London, September 17 - Neftegaz.RU. BP, ADNOC and Masdar signed 3 agreements with the potential to lead to billions of dollars of investment into clean and low carbon energy.

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
The 1st agreement would see the companies collaborate to initially develop 2GW of low carbon hydrogen across hubs in the UK and UAE, with the intention to expand as the project progresses.
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
BP and Masdar have also agreed to explore opportunities to develop, build and operate sustainable energy and mobility solutions for cities – in the UK, UAE and beyond – on the road to net zero.
The 2 companies will initially focus on the application of energy efficiency and storage, cleaner fuels and distributed renewables generation.

Finally, BP and ADNOC plan to deepen their collaboration to decarbonize oil and gas operations in Abu Dhabi, including the potential development of CCUS hubs.

The 2 companies would also harness advanced methane emission detection and reduction technologies and create Smart Decision Centres in the UAE, where digital and AI technology would then be used to accelerate operational efficiency.

Source : Neftegaz.RU


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