The Abu Dhabi National Oil Company (ADNOC), BP and Masdar have announced the signing of strategic framework agreements to expand upon the United Arab Emirates and UK’s partnership in energy sustainability.
The deals include the potential development of clean hydrogen hubs in both the UK and UAE at a scale of at least 2 gigawatts.
They were signed by Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC managing director and Group CEO and Masdar chairman, and Bernard Looney, BP CEO.
Jaber said: “The UK and UAE have enjoyed decades of strong economic ties and the agreements signed between ADNOC, Masdar and BP will serve to deepen the strategic relationship between our countries.
“We look forward to building upon this legacy to strengthen both countries’ ambitions to generate economic growth through low-carbon initiatives.”
ADNOC and BP will identify areas for potential partnership in greenfield carbon capture and underground storage and best-in-class methane detection platforms.
Further, Masdar and BP will together explore opportunities to develop, build and operate sustainable energy and mobility solutions in urban population centers.
Looney stated: “The UK and UAE governments have bold plans for decarbonization. The UK is our home and we have worked in the UAE for nearly a century.”
“By partnering with the visionary leaders of ADNOC and Masdar, we see massive business opportunities to generate the clean energy the world wants and needs – and at the same time revitalize local economies and create the jobs of the future.”
The partners’ shared interest in developing new opportunities for clean hydrogen development capitalizes on the UK and UAE’s highly complementary infrastructure and resource positions.
With abundant renewable energy sources and proximity to significant future demand centers for hydrogen and its carrier fuels, the partners’ commitments can help to ensure the UK and UAE are well-positioned to become regional leaders in the new hydrogen economy and support both countries’ ambitious climate targets.
Similarly, ADNOC and BP’s joint smart decision center initiative will support the possible development and deployment of remote digital capabilities to transform both companies’ performance management and operational support, including in the area of energy efficiency.
Masdar and BP will also explore potential opportunities to together develop, build and operate energy and mobility services in urban spaces internationally, including energy efficiency, distributed renewables generation, and energy storage, among others.
The initiatives envisaged by the strategic framework agreements would be subject to relevant regulatory approvals.