| 28 May 2024, Tuesday |

Mubadala Petroleum and Italy’s Eni to explore opportunities in energy transition

Mubadala Petroleum and Italian energy company Eni have signed an agreement to identify opportunities in energy transition, as the UAE aims to speed up decarbonization across various sectors.

Both sides will explore opportunities in the areas of hydrogen, carbon capture utilization and storage in the Middle East, North Africa, South East Asia, and Europe and other regions.

The UAE, Opec’s third-largest oil producer, is looking to increase the share of clean energy to 44 percent by 2050 and plans to invest $164 billion by mid-century to expand its renewable energy capacity.

Abu Dhabi, which accounts for a bulk of the UAE’s oil production, is also developing more renewable energy projects. The emirate is building the world’s largest solar plant at Al Dhafra with a total capacity of 2 gigawatts, as part of the UAE’s efforts to increase clean energy capacity.

Mubadala Petroleum is developing a portfolio that is heavily weighted towards gas, which is seen as a transitional fuel in the Middle East. The company’s portfolio accounts for two-thirds of natural gas. Mubadala Petroleum has also lowered its greenhouse gas emissions by 25 per cent in the last three years.

On Thursday, Mubadala Petroleum said it had finalized a deal with Israel’s Delek Drilling to buy a 22 percent stake in the Eastern Mediterranean’s offshore Tamar field.

The company is a significant operator in the Eastern Mediterranean within the Zohr gasfield through the Shorouk Concession, in which it has a 10 per cent stake.

  • The National News