Total has signed a strategic framework agreement with the Abu Dhabi National Oil Company (ADNOC) to explore joint research, development, and deployment partnership opportunities in the areas of CO2 emission reductions and carbon capture, utilization and storage (CCUS).
In a press release on Thursday, the two companies said the agreement brings together the low carbon technologies from ADNOC and Total and expands on the long-standing partnership and collaboration between the two energy producers across the full value chain.
ADNOC said it plans to expand its carbon capture and utilization capacity six-fold, to reach 5 million tonnes of CO2/year by 2030, the company in a statement.
The agreement was signed by Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and ADNOC Group CEO, and Patrick Pouyanné, Chairman & CEO of Total during a meeting in Abu Dhabi.
ADNOC also has a similar agreement with the Italian oil major Eni.
Eni and ADNOC to collaborate on carbon capture utilization and storage program
ADNOC and Total under the terms of the agreement will jointly explore opportunities to reduce CO2 emissions, improve energy efficiency and the use of renewable energy for oil and gas operations.
In the area of CCUS, the companies will further develop joint research into new technologies covering carbon capture, storage solutions and enhanced oil recovery projects based on CO2 usage.
Patrick Pouyanné, Chairman & CEO of Total, said: “This initiative will allow the two companies to join forces in several domains such as the reduction of carbon emissions on industrial sites, improvement of the energy efficiency in operations, and the development of innovative solutions and business models towards the CCUS chain.
“This is a perfect example of Total’s commitment to leverage its global presence and expertise to act towards its 2050 net-zero ambition alongside its long-standing key partners”.
To remind, Total has recently moved to transform itself into a broad energy company as part of its efforts to become a leader in the renewable energy sector and get to net-zero by 2050.
As a result, Total will increase its investments in renewables and electricity by $1 billion. When it comes to oil projects, Total will focus on low-cost projects and favour value over volume.