Energy Transition: Eni, Mubadala in Decarbonization Collaboration

Yousef Saba and Stephen Jewkes
Wednesday, September 8, 2021

Italy's Eni has teamed up with Mubadala Petroleum to look at joint investments in the energy transition field as part of plans to cut carbon footprints.

In statements on Tuesday, the two groups said they had signed a memorandum of understanding (MoU) to cooperate in areas like hydrogen and carbon capture in the Middle East, North Africa, South East Asia, Europe and other regions of mutual interest.

Mubadala Petroleum, owned by Abu Dhabi sovereign wealth fund Mubadala Investment Company, said the agreement was part of its "proactive approach to Environmental, Social & Governance (ESG) considerations and its energy transition goals".

"This includes pursuing a gas-weighted portfolio as a key bridge to renewables," Mubadala Petroleum CEO Mansoor Mohamed Al Hamed said.

The MoU comes amid a surge in interest in ESG initiatives and deals in the hydrocarbon-rich Gulf amid growing awareness among global investors about ESG risks.

"We will work with a strategic partner like Mubadala Petroleum to find ways of reaching common decarbonization targets worldwide," Eni CEO Claudio Descalzi said.

Eni has pledged to be carbon neutral by 2050 as it seeks to keep pace in an industry under mounting investor pressure to curb emissions.

It has built extensive interests in the United Arab Emirates and has said it is keen to work in the region on developing clean energy businesses.

Mubadala Petroleum, which has a portfolio that is nearly two-thirds natural gas, has cut emissions by 25% over the last three years.

 (Reporting by Yousef Saba in Dubai and Stephen Jewkes in Milan Editing by Jason Neely and Mark Potter)

Categories: Energy Middle East Industry News Activity Europe Decarbonization

Related Stories

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

Norwegian Oil Investment Will Peak in '25

Cheniere, JERA Ink Long-Term LNG Sale and Purchase Agreement

KBR-SOCAR Joint Venture Secures Work for BP in Azerbaijan

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

EnQuest Bags Two Production Sharing Contracts off Indonesia

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

Current News

Technip Energies Gets FEED Job for Inpex’ Abadi LNG Project in Indonesia

Keppel, Seatrium in $53M Arbitration Case Over Brazil Corruption Scheme

Subsea7 Secures Work at Black Sea Field off Türkiye

CIP, Petrovietnam Team Up for Offshore Wind Project in Vietnam

Seatrium Signs FLNG Vessel Upgrade Deal for Golar LNG

EnQuest Enters Indonesia with Operatorship PSCs for Two Exploration Blocks

PXGEO Nets First Seismic Survey off Malaysia

SPE Offshore Europe 2025 set to drive transformational change for the energy sector

Shipbuilder Delivers Fast Crew Boat Pair to Aesen

Norwegian Oil Investment Will Peak in '25

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com