A contract evaluating investment potential in carbon capture and storage (CCS) in the UAE and the US has been signed by Adnoc and US oil and gas giant Occidental Petroleum. Together, Occidental and the state-run energy provider will "develop a carbon management platform to accelerate the net-zero goals of both companies," according to Adnoc. The deal is a component of the $100 billion US-UAE Partnership for Accelerating Clean Energy (PACE), which was unveiled last year.
“The world is going to need a host of technologies, including direct air capture [DAC] and CCUS, to meet our global climate objectives,” said Amos Hochstein, senior adviser to the president for energy and investment at the White House.
“This important announcement is a great example of what the US-UAE Pace can help enable. I look forward to what this agreement yields.”
Adnoc and Occidental are assessing the construction of DAC facilities in the UAE as part of the deal, including what might be the first mega-tonne DAC project built outside of the US, the business said. A combined development of one or more carbon management centers in the UAE will also be evaluated by the corporations.
They would supply the infrastructure and carbon capture services needed to transport carbon dioxide from the UAE's carbon-intensive and challenging-to-abate sectors and deposit it in rock forever. Adnoc will also investigate its involvement in a number of DAC and carbon dioxide sequestration centers being built by an Occidental affiliate in the US.
“We look forward to building on our long-standing partnership with Adnoc as we advance our plans to globally deploy DAC technology and engage partners who are committed to developing carbon solutions at climate-relevant scale,” said Vicki Hollub, president and chief executive at Occidental.