Abu Dhabi National Oil Company Allocated $15 Billion For Clean Energy & Low Carbon Solutions

Abu Dhabi National Oil Company also known as ADNOC has announced a new strategy to progress the decarbonization of its project by 2030. ADNOC has allocated $15 billion (AED55 billion) to advance an array of projects across its diversified value chain by 2030. These projects will include investments in clean power, carbon capture and storage (CCS), further electrification of its operations, energy efficiency, and new measures to build on ADNOC’s long-standing policy of zero routine gas flaring. 

ADNOC’s Board of Directors in November 2022 led to the announcement of this project, in which the board directed to accelerate the delivery of its low-carbon growth strategy and the approval of its Net Zero by 2050 ambition. 

ADNOC’s strong track record as a leading lower-carbon intensity energy producer, includes its use of zero-carbon grid power, a commitment to zero flaring as part of routine operations, and deployment of the region’s first carbon capture project at scale.

 Sultan al-Jaber, the UAE Minister of Industry and Advanced Technology stressed that ADNOC continues to take significant steps to make today’s energy cleaner while investing in the clean energies and new technologies of tomorrow.  

Jaber, ADNOC Managing Director, and CEO noted that now, more than ever, the world needs a practical and responsible approach to the energy transition that is both pro-growth and pro-climate, and ADNOC is delivering tangible actions in support of both these goals.  

“Cementing our strong track record of responsible and reliable energy production, ADNOC will fast-track significant investments into landmark clean energy, low-carbon, and decarbonization technology projects,” he remarked.  

“We continue to future-proof our business. We invite technology and industry leaders to partner with us, to collectively drive real and meaningful action that embraces the energy transition,” 

The Abu Dhabi energy group will announce initiatives throughout 2023, including a CCS project, investments in new and cleaner energy solutions, and international partnerships, the statement said.

Dr. Sultan Ahmed Al Jaber who is also the ADNOC Managing Director and Group CEO said:

“Under the directives of the UAE’s wise leadership and the ADNOC Board of Directors, ADNOC continues to take significant steps to make today’s energy cleaner while investing in the clean energies and new technologies of tomorrow. Now, more than ever, the world needs a practical and responsible approach to the energy transition that is both pro-growth and pro-climate, and ADNOC is delivering tangible actions in support of both these goals.”

Since January 2022, ADNOC has received 100% of its grid power supply from Emirates Water and Electricity Company’s (EWEC) nuclear and solar energy sources. ADNOC also concluded a $3.8 billion deal to build a first-of-its-kind, sub-sea transmission network in the MENA region, connecting ADNOC’s offshore operations to the onshore power network, with the potential to reduce ADNOC’s offshore carbon footprint by up to 50%.

The strategic program is a key enabler of ADNOC’s Net Zero by 2050 ambition and goal to reduce carbon intensity by 25% by 2030.

Building on the multi-billion capital investment in decarbonization projects, ADNOC is working closely with its international partners and stakeholders across the energy value chain to collaborate on technology, best practices, and policy to support and drive global decarbonization efforts. 

Read More:

• Sony Sells Over 30 Million Units of PS5 Globally