ADNOC, Eni Sign Strategic Cooperation Deal
Abu Dhabi National Oil Company (ADNOC) and Eni have signed Monday a partnership to explore new opportunities for collaboration in carbon capture utilization and storage (CCUS), and additional strategic opportunities in research and development (R&D) across the oil and gas value chain.
The agreement brings together two leading energy producers and harnesses their world-class talent and technologies to unlock value in areas of strategic importance to both companies while reinforcing their existing partnerships across the oil and gas value chain.
It also builds on ADNOC's recently announced sustainability goals, particularly its commitment to decreasing its greenhouse gas (GHG) intensity by 25 percent by 2030, enabled by its industry-leading CCUS program.
Minister of State and CEO of ADNOC Dr. Sultan Ahmed al-Jaber and Eni’s CEO Claudio Descalzi signed the deal.
Jaber said: “Importantly, the agreement underscores ADNOC’s targeted approach to value-add partnerships that are enabling us to unlock and maximize value from Abu Dhabi’s substantial hydrocarbon resources as we deliver our 2030 smart growth strategy."
"We look forward to swiftly developing this framework agreement to another new mutually beneficial partnership with Eni as the agreement offers significant potential for exciting and sustainable growth opportunities.”
Under the terms of the agreement, ADNOC and Eni will jointly explore opportunities for collaboration concerning innovative geomechanical and geochemical workflows for CCUS programs as well as in advanced analysis and modeling of thermally induced fractures in oil and gas reservoirs.
Geomechanics refers to the study of how subsurface rocks deform or fail in response to changes in stress, pressure, and temperature, while geochemistry relates to the study of the chemical composition of the earth’s crust. Both geomechanics and geochemistry relate to the development of CCUS programs.
For his part, Descalzi said: “Both companies will collaborate to pursue new mid-term solutions aimed at leading the current energy transition in line with Eni’s decarbonization strategy aimed to achieve net-zero emissions in its upstream business by 2030 and ADNOC’s recently announced sustainability goals."
"This is a holistic collaboration that will further strengthen the alliance between the two companies by designing technological trajectories for the evolution and transformation of the upstream and downstream businesses,” he added.