The sun and the moon run their courses according to a fixed reckoning.
And the stemless plants and the trees humbly submit to His will.
And the heaven He has raised high and set up a measure,
That you may not transgress the measure.
So weigh all things in justice and fall not short of the measure. (Al Quran 55:6-10)
- Oil has surged to multi year highs, with Brent crude temporarily topping $70 for the first time since the start of the pandemic.
- Abu Dhabi National Oil Company (ADNOC) is eyeing new partnerships in carbon capture technology as rising oil prices refresh the focus on big oil’s climate mitigation strategies.
- ADNOC Managing Director and Group CEO expects oil demand to rise above pre-Covid levels by the end of the year.
DUBAI, United Arab Emirates — Oil rich Abu Dhabi and its national oil company are eyeing new partnerships in carbon capture technology as rising oil prices put a renewed focus on big oil’s climate mitigation strategies.
“There is no credible way of reaching global climate goals without seriously advancing and ensuring the widespread adoption of carbon capture and storage,” Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Abu Dhabi National Oil Company (ADNOC) Managing Director and Group CEO said over the weekend.
Carbon capture and storage (CCS) technology aims to reduce the level of carbon that’s released into the atmosphere through conventional power generation and industrial processes by storing waste carbon in a place where it won’t enter the atmosphere, typically underground. Long-term carbon storage is a fairly new concept, and its environmental, economic and technical aspects are still being debated.
ADNOC, which pumps more than 3 million barrels of oil a day, has pledged to lower its greenhouse gas emissions and boost CO2 storage. It joins a long list of oil majors that have come under increasing pressure to speed up climate efforts as higher prices put the industry on a more sustainable path.
ADNOC, which has plans to aggressively ramp up oil production capacity in coming years, says it can capture 800,000 tons of carbon dioxide annually through its Al Reyadah facility in Abu Dhabi. As oil production capacity grows, it also plans to expand the capacity of the program to capture 5 million tons every year by 2030.
“Carbon capture, utilization and storage (CCUS) will need to form a key pillar of efforts to put the world on the path to net-zero emissions,” the International Energy Agency said in a publication last year. “After years of slow progress, new investment incentives and strengthened climate goals are building new momentum behind CCUS,” it added.
Al Jaber, who’s also the UAE’s special envoy for climate change, didn’t say what type of partnerships the company was seeking to form. ADNOC recently said its also exploring the potential of new fuels such as hydrogen, which Al Jaber said shows “great promise as a close to zero-carbon fuel” that could be produced at scale as part of ADNOC’s existing hydrocarbon value chain.