Occidental and Abu Dhabi National Oil Company (Adnoc) are teaming up to evaluate carbon management projects in the US and the United Arab Emirates to accelerate net-zero goals.
The US independent and Adnoc plan to assess potential investment opportunities to accelerate development of direct air capture facilities and carbon dioxide sequestration hub projects in both countries.
Under the terms of the memorandum of understanding, Adnoc may evaluate participation in direct air capture plants and CO2 sequestration hubs under development in the US by Occidental.
The two companies may also consider developing one or more UAE-located CO2 sequestration hubs and running pre-front-end engineering and design studies for a 1 million tonnes per annum direct air capture facility.
Through the collaboration, the companies may also consider opportunities to incorporate innovative CO2-based technologies such as emissions-free power and sustainable fuels into the UAE.
“Partnerships like this one are essential to helping the world reach its climate goals and ensure it has the resources it needs to thrive through the energy transition,” said Occidental chief executive Vicki Hollub.
The agreement is enabled by the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to mobilise $100 billion in clean energy and carbon management projects by 2035.
“This agreement highlights how the PACE is driving innovative climate technologies to decarbonise the energy sector,” said Adnoc executive director of low carbon solutions and international growth Musabbeh Al Kaabi.
The collaboration in the development of carbon management platforms is expected to accelerate the net-zero goals of both companies.