According to Bloomberg, the United Arab Emirates’ main oil producer ADNOC and Santos Ltd., an Australian energy company, are joining forces to develop carbon management and technology to capture emissions that contribute to global warming. Their collaboration aims to create technology that will assist customers in the Asia-Pacific region as they strive to reduce their emissions.
The technology sought after by oil industries is considered a crucial tool in battling climate change. While companies like Exxon Mobil Corp. have supported the potential of carbon capture, there have been concerns about its cost and scale needed for effective emission reduction.
ADNOC ranks third in the list of the world’s biggest oil producers, and the country has declared a net zero target. The oil industry plays a significant role in the country’s economy, but despite this contribution, ADNOC is investing billions of dollars in technologies to mitigate emissions. The company is working on capturing 10 million tons of emissions annually by 2030 at several fields in the emirate.
“Large-scale up of CCS is required to meet the world’s climate objectives,” said Alan Stuart-Grant, executive vice president for energy solutions at Santos, emphasizing the importance of carbon capture.
In addition to developing a significant gas field off the UAE coast with carbon capture capabilities, ADNOC has announced plans for several similar projects and fields in the emirate. This vision is part of their efforts to achieve their goal of capturing 10 million tons of emissions annually by 2030, which is less than half of ADNOC’s declared emissions from its own operations.