Italian oil and gas group Eni said it would cooperate with Abu Dhabi National Oil Co. (ADNOC) on energy transition projects, as Rome's new government works to rebuild ties with the United Arab Emirates.
After a meeting with UAE President Sheikh Mohammed bin Zayed al-Nahyan, Italian Prime Minister Giorgia Meloni said that now that reciprocal trust was being re-established areas for future cooperation could range from energy to defense.
"Discussions ... went very, very well and we're going back to a strategic partnership. Italy historically had very strong relations with UAE which in recent years experienced serious difficulties," she told reporters in Abu Dhabi.
Italy in 2021 halted the sale of thousands of missiles to Saudi Arabia and the UAE, citing Rome's commitment to restoring peace in Yemen. The UAE in turn asked Italy to vacate a military base in the Gulf.
State-controlled Eni said that together with ADNOC it would explore opportunities in renewable energy, blue and green hydrogen and carbon dioxide capture and storage.
The two companies will also work on reducing greenhouse gas and methane gas emissions, as well as routine gas flaring.
Italy on March 4 signed a declaration of intent with UAE climate envoy and designated president of the COP28 climate summit Sultan Ahmed Al Jaber, who last month pledged to lay out an inclusive and innovative roadmap to tackle global warming.
"We found our partners extremely open and attentive to the priorities on our agenda," Meloni said.
Meloni said the UAE was particularly interested in Italy's energy policy in Africa, which was discussed on March 4 alongside topics such as the stabilization of Libya and financial situation in Tunisia, which have an impact on migration flows.
"I think there is a strong will on both sides to rebuild not just good but excellent relations, a friendship, which I think is very important for our national interest."
Recommended Reading
Enverus: 1Q Upstream Deals Hit $51B, but Consolidation is Slowing
2024-04-23 - Oil and gas dealmaking continued at a high clip in the first quarter, especially in the Permian Basin. But a thinning list of potential takeout targets, and an invigorated Federal Trade Commission, are chilling the red-hot M&A market.
EIA: Permian, Bakken Associated Gas Growth Pressures NatGas Producers
2024-04-18 - Near-record associated gas volumes from U.S. oil basins continue to put pressure on dry gas producers, which are curtailing output and cutting rigs.
Benchmark Closes Anadarko Deal, Hunts for More M&A
2024-04-17 - Benchmark Energy II closed a $145 million acquisition of western Anadarko Basin assets—and the company is hunting for more low-decline, mature assets to acquire.
‘Monster’ Gas: Aethon’s 16,000-foot Dive in Haynesville West
2024-04-09 - Aethon Energy’s COO described challenges in the far western Haynesville stepout, while other operators opened their books on the latest in the legacy Haynesville at Hart Energy’s DUG GAS+ Conference and Expo in Shreveport, Louisiana.
Mighty Midland Still Beckons Dealmakers
2024-04-05 - The Midland Basin is the center of U.S. oil drilling activity. But only those with the biggest balance sheets can afford to buy in the basin's core, following a historic consolidation trend.