ADNOC, SOCAR to explore low-carbon solutions in UAE, Azerbaijan
ADNOC and the State Oil Company of Azerbaijan Republic (SOCAR) signed a strategic collaboration agreement (SCA) with the aim of collaborating on potential development of low-carbon energy technologies.
As part of the agreement, the companies will explore opportunities to work together to advance blue hydrogen, carbon management, and geothermal technologies that could accelerate decarbonization of energy systems in the UAE, Azerbaijan, and other markets, the company said in a release Dec. 5.
The SCA builds on bilateral energy cooperation between the UAE and Azerbaijan, including the 30% stake held by ADNOC in Absheron gas and condensate field in the Azerbaijan sector of the Caspian Sea.
ADNOC has initially allocated $15 billion to advance lower-carbon solutions, new energies, and decarbonization technologies as it aims to reduce carbon intensity by 25% by 2030 and works towards net zero by 2045. ADNOC is also targeting CO2 capture capacity of 10 million tonnes/year by 2030.