As part of the SCA, the two parties will explore opportunities to work together to advance blue hydrogen, carbon management and geothermal technologies that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan and other key markets, and support their net zero ambitions, ADNOC said.
Musabbeh Al Kaabi, ADNOC Executive Director, Low Carbon Solutions and International Growth, stated: “This latest collaboration with SOCAR underscores the importance of our industry working together to advance low-carbon solutions and accelerate decarbonization.”
“Through this agreement, ADNOC and SOCAR will leverage our combined knowledge, experience and expertise to advance promising hydrogen, carbon management and geothermal technologies that could make a tangible difference as the world takes bold steps to decarbonize energy value chains.”
Afgan Isayev, SOCAR Vice President for Energy Transition, Environment and Decarbonization, commented: “This collaboration signifies our collective pursuit of a greener future, leveraging our combined expertise for sustainable energy practices. This partnership highlights our unwavering commitment to advancing the energy transition and reinforces the strong bilateral ties between SOCAR and ADNOC.”
The SCA follows both ADNOC and SOCAR becoming founding signatories of the Oil and Gas Decarbonization Charter, signed at COP28, that sets shared targets to eliminate routine flaring and zero out methane emissions by 2030 and achieve net zero by 2050.
Additionally, it builds on the strategic bilateral energy cooperation between the UAE and Azerbaijan, including the 30% stake held by ADNOC in the Absheron gas and condensate field in the Azerbaijan sector of the Caspian Sea.
It also builds on ADNOC’s shareholding in Abu Dhabi Future Energy Company (Masdar). Recently, Masdar inaugurated the 230 MW Garadagh Solar Park in Azerbaijan, which is said to be the region’s largest operational solar park.
To note, ADNOC said the company has initially allocated $15 billion to advance and accelerate low-carbon solutions, new energies and decarbonization technologies as it reduces its carbon intensity by 25% by 2030 and works towards net zero by 2045. Moreover, the company targets a carbon dioxide (CO2) capture capacity of 10 million tons per annum (mtpa) by 2030.
