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Adnoc and Eni sign strategic framework agreement

Staff Report/Abu Dhabi
Filed on January 20, 2020
Adnoc and Eni sign strategic framework agreement

(Supplied)

The Abu Dhabi National Oil Company (Adnoc) has signed a strategic framework agreement with Italy's energy company, Eni, to explore new opportunities for collaboration in carbon capture utilisation 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 decrease its greenhouse gas (GHG) intensity by 25 per cent by 2030, enabled by its industry-leading CCUS program.

The framework agreement was signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Adnoc group CEO, and Claudio Descalzi, CEO of Eni.

Dr. Al Jaber said: "We are pleased to sign this strategic framework agreement with Eni that builds on our successful partnerships across the oil and gas value chain. Importantly, the agreement underscores Adnoc's targeted approach to value-add partnerships that is 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 in relation to 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.

"This MoU further demonstrates Eni's strong commitment to strengthening our important partnership with Adnoc, such an important actor, and generating positive impact across our value chain. 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," Descalzi said.

- business@khaleejtimes.com


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