Abu Dhabi National Oil Company (ADNOC) said on Jan. 5 it would allocate $15 billion to decarbonization projects by 2030.
The projects will include investments in clean power, carbon capture and storage (CCS) and electrification, a statement by the company said.
ADNOC's board of directors approved in November the acceleration of the company's low-carbon growth strategy and its goal of net zero by 2050.
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.
ADNOC is committed to reducing its carbon intensity by 25% by 2030.
It plans to grow its carbon capture capacity to 5 million tonnes by that year.
ADNOC's expansion of its lower carbon energy portfolio will be largely delivered through its stake in Masdar, the UAE's clean energy vehicle.
Exclusive: FireBird Energy Prowling Permian for Midland Basin M&A
2023-05-15 - After selling FireBird Energy LLC to Diamondback last year, the same team is searching for deals to develop another asset in the Midland, and possibly the Delaware Basin, too.
Matador Resources Prioritizes Reducing Debt After $1.6B Acquisition
2023-04-27 - Matador expects a boost in production from its $1.6 billion Permian Basin acquisition and touts new “horseshoe” wells as first-quarter results came in above expectations
Quantum-backed FireBird II Raises Over $500MM for Permian Deals
2023-04-22 - After FireBird Energy LLC sold to Diamondback for $1.75 billion last year, FireBird II was formed to pursue more deals in the Permian Basin.
NGP Backs Permian Mineral, Royalty Firm with $100MM Investment
2023-04-24 - NGP is financially backing Wing Resources on a seventh partnership aimed at acquiring oil and gas minerals and royalties in the Permian Basin.
Pearl Energy Backs Swordfish Energy for Permian Basin M&A
2023-05-13 - Swordfish is led by part of the team that sold Advance Energy Partners Holdings LLC to Matador Resources Co. for $1.6 billion.