Mubadala Petroleum (a subsidiary of Mubadala Investment Company) and Eni (an Italian multinational oil and gas company) signed a Memorandum of Understanding (MoU) for identifying cooperation opportunities in the energy transition sector, including the fields of hydrogen to achieve carbon neutrality.
Both companies agreed to cooperate in exploring opportunities in hydrogen, carbon capture, utilisation and storage (CCUS) to achieve their decarbonisation targets. The scope of the cooperation covers potential joint opportunities mainly in the Middle East, North Africa, South East Asia and Europe.
This agreement marks a further tangible step in line with Eni’s commitment towards carbon neutrality by 2050. Eni decarbonisation path envisages a net zero Carbon Footprint for Scope 1 and 2 emissions from upstream activities by 2030 and all group activities by 2040. This aims to accomplish the net-zero targets on GHG Lifecycle emissions Scope 1, 2 and 3 by 2050 with full decarbonisation of products and operations. This will be achieved through bio-refining, circular economy, efficiency and digital solutions increased renewable capacity, blue and green hydrogen, carbon capture, utilisation and storage projects and REDD+ initiatives.
The partnership is in line with Mubadala Petroleum’s approach to Environmental, Social & Governance (ESG) considerations and its energy transition goals. This includes pursuing a gas-weighted portfolio strategy that has seen its asset base reach almost two-thirds of natural gas while reducing Green House Gas Emissions by 25% over the last three years.
Eni CEO Claudio Descalzi said, “Eni will leverage all its proprietary technologies, focused on energy transition.”
Mansoor Mohamed Al Hamed, Mubadala Petroleum CEO, said, “We are committed to playing our part in the energy transition. This includes pursuing a gas-weighted portfolio as a key bridge to renewables. It also includes investing in innovation and technology to advance decarbonisation and support the industry’s evolution.”