According to Bloomberg, the United Arab Emirates’ main oil producer, ADNOC, and Australia’s Santos Ltd. have teamed up to develop carbon management and technology that can trap emissions contributing to global warming. The collaboration is aimed at supporting customers in the Asia-Pacific region as they work towards reducing emissions.
This technology is highly sought after by the oil industry and is viewed as a key tool in fighting climate change. Carbon capture has been supported by companies such as Exxon Mobil Corp., but concerns have been raised about its cost and scale needed for effective emission reduction.
ADNOC, which ranks third in the list of biggest oil producers and has declared a net zero target, is investing billions of dollars in technologies to mitigate emissions. The company aims to capture 10 million tons of emissions annually by 2030 at fields in the Emirates. “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 this project, ADNOC has announced plans to develop a significant gas field off the UAE coast that includes carbon capture. The company is also engaged in several similar projects and fields in the emirate as part of its efforts to capture 10 million tons of emissions annually by 2030, less than half of ADNOC’s declared emissions from its own operations.