ADNOC Joins Forces with SOCAR for a Strategic Collaboration Aimed at Exploring Low Carbon Technologies

ADNOC and the State Oil Company of Azerbaijan Republic (SOCAR) have made a public declaration regarding the signing of a strategic collaboration agreement. This agreement signals their joint intentions to explore the development of low carbon energy technologies. The announcement comes in the wake of both companies becoming initial signatories to the Oil and Gas Decarbonization Charter during COP28, which lays out collective targets aimed at eradicating routine flaring, eliminating methane emissions by the year 2030, and reaching net-zero emissions by 2050.

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The collaboration will see ADNOC and SOCAR working together to examine the potential in blue hydrogen, carbon management, and geothermal technologies, specifically targeting the acceleration of energy system decarbonization in both the United Arab Emirates and Azerbaijan, alongside other crucial markets, to support their respective aspirations for net zero.

Musabbeh Al Kaabi, from ADNOC, emphasized the significance of industry collaboration in pursuing low carbon solutions to hasten decarbonization efforts. He indicated that through this partnership, both entities would utilize their collective expertise to propel the development of hydrogen, carbon management, and geothermal technologies, which are pivotal for global decarbonization initiatives.

The agreement also represents a deepening of the energy cooperation between the UAE and Azerbaijan, reflecting previous collaborations such as ADNOC's investment in Azerbaijan's Absheron gas field and its participation in Masdar. The recent inauguration of Garadagh Solar Park in Azerbaijan by Masdar, which stands as the largest operational solar park in the region, was also noted.

Afgan Isayev from SOCAR mirrored these sentiments, underlining the partnership as a reinforcement of their steadfast dedication to the energy transition and the solid bilateral relationship with ADNOC. He expressed the joint commitment to the goals set by the Oil & Gas Decarbonization Charter, which aligns with their collective goal for a more sustainable and greener future.

The announcement further mentioned ADNOC's commitment of $15 billion towards lower-carbon solutions and technologies, with the aim of reducing carbon intensity by 25% by 2030 and achieving net zero by 2045. This includes a target for CO2 capture capacity of 10 million tonnes per annum by 2030. Additionally, ADNOC has announced the successful launch of a geothermal district cooling project in Masdar City, a pioneering endeavor in the Gulf region to utilize geothermal energy.

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According to the article by Procurement Resource, ADNOC and SOCAR have signed a strategic agreement to explore low-carbon technologies, following their commitment to the Oil and Gas Decarbonization Charter at COP28. This partnership aims to advance blue hydrogen, carbon management, and geothermal technology to accelerate decarbonization in key markets, supporting their net-zero goals. ADNOC is investing $15 billion in these initiatives, targeting a 25% carbon intensity reduction by 2030 and net zero by 2045.