Abu Dhabi [UAE], July 17 (ANI/WAM): Mubadala Energy and the Abu Dhabi Future Energy Company (Masdar) have entered into an agreement to explore and potentially engage in opportunities relating to decarbonisation and energy transition initiatives.
The partnership will see both companies jointly explore collaborations that leverage Mubadala EnergyтАЩs deep technical capabilities across its operated and non-operated portfolio, together with MasdarтАЩs world-leading expertise in decarbonisation and energy transition technologies.
With a focus on Mubadala EnergyтАЩs core regions, including the Middle East and North Africa (MENA) and Southeast Asia (SEA), and with the option of exploring other regions of mutual interest, the partnership will cover a range of synergistic areas.
This includes technical solutions to decarbonise or improve the energy efficiency of upstream oil and gas assets, potential joint investments in value-accretive new energy and lower carbon projects, and collaboration on emissions management initiatives.
Commenting on the announcement, Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala Investment Company, said, тАЬEnergy transition and decarbonisation are key drivers shaping the global economy. By bringing together two of Abu DhabiтАЩs leading international energy champions to leverage their deep expertise, we are creating a catalyst for innovation. IтАЩm confident this collaboration will accelerate solutions to complex challenges and create opportunities for strategic investment.тАЭ
Masdar, the UAEтАЩs clean energy powerhouse, has been actively developing cutting-edge programs in support of global decarbonisation efforts, in areas like green hydrogen, investing and innovating in renewable energy since 2006. It is committed to advancing the UAEтАЩs net-zero journey and creating value for Abu Dhabi by diversifying the economy.
Mansoor Mohamed Al Hamed, CEO Mubadala Energy, said, тАЬAligned with the UAEтАЩs net zero ambitions, we continue to action a clear strategy to recalibrate our business and play a more proactive role in supporting the energy transition drive towards lower carbon energy. This means we are doubling down on gas across our value chain, exploring investments in new energy sectors such as blue hydrogen and carbon capture, utilisation and storage (CCUS), and looking at other technological levers to decarbonise operations.
“This bold partnership with Masdar has the potential to greatly accelerate these efforts as well as create opportunities in growth sectors within the industry. As the UAE prepares to welcome leaders from around the world for COP28, weтАЩre proud to be forging this strategic partnership.тАЭ
Mohamed Jameel Al Ramahi, CEO of Masdar, commented, тАЬMasdar believes that energy sector investments must support scalable clean energy alternatives, new solutions for hard to abate industries and more efficient use of natural resources, to mitigate climate change while ensuring a sustainable energy supply. This landmark agreement with Mubadala Energy aligns with those objectives and with our shared ambition to position the UAE at the forefront of the global energy transition.тАЭ
With a portfolio spanning 11 countries, including a significant operated positions in Southeast Asia, and investments across the Middle East, North Africa and South Asia, Mubadala Energy is actively pursuing growth opportunities while supporting the energy transition and energy security priorities of host governments. The companyтАЩs strategic pivot announced last year has also seen a renewed effort to expand across the gas value chain and into new energy sectors, with this agreement providing further momentum to these efforts. (ANI/WAM)
