Total and ADNOC Make CO2 Emission Reduction Deal
Total (NYSE: TOT) has revealed that it has signed an agreement with the Abu Dhabi National Oil Company (ADNOC) to explore joint research, development and deployment partnership opportunities in the areas of CO2 emission reductions and carbon capture, utilization and storage (CCUS).
The agreement brings together the best-in-class in low carbon technologies from Total and ADNOC and expands on the long-standing partnership and collaboration between the two leading energy producers across the full value chain, Total said in a statement posted on its website recently.
Under the terms of the deal, Total and ADNOC will jointly explore opportunities to reduce CO2 emissions, improve energy efficiency and the use of renewable energy for oil and gas operations. In the area of CCUS the companies will further develop joint research into new technologies covering carbon capture, storage solutions and enhanced oil recovery projects based on CO2 usage, according to Total.
“We are very pleased to start this new cooperation with ADNOC, our long-term partner in the United Arab Emirates,” Patrick Pouyanne, the chairman and chief executive officer of Total, said in a company statement.
“This initiative will allow the two companies to join forces in several domains such as the reduction of carbon emissions on industrial sites, improvement of the energy efficiency in operations, and the development of innovative solutions and business models towards the CCUS chain,” he added.
“This is a perfect example of Total’s commitment to leverage its global presence and expertise to act towards its 2050 net-zero ambition alongside its long-standing key partners,” Pouyanne continued.
Commenting on the deal, Ahmed Al Jaber, ADNOC’s CEO, said, “we are pleased to strengthen our partnership and alliance with Total as we work towards a low carbon future”.
“The agreement builds on our sustainability goal to decrease greenhouse gas (GHG) intensity by 25 percent by 2030 and reinforces ADNOC’s commitment to responsible oil and gas production as we deliver on our 2030 smart growth strategy,” he added.
“We look forward to leveraging this expertise and collaborating with Total to further research and develop low carbon technologies and sustainable growth opportunities,” the ADNOC CEO went on to say.
According to Total, the company currently collaborates with ADNOC across the full value chain, from offshore and onshore exploration, development and production of oil and gas, to gas processing and liquefaction, products marketing, including R&D and National Talent development.
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