ADNOC to Allocate $23 Billion for Decarbonization Projects

Abu Dhabi National Oil Company has announced that the board has increased the budget allocation for carbon capture projects and technologies to USD 23 billion. His Highness Sheikh Mohamed bin Zayed Al Nahyan, the president of the UAE, gave the board instructions to use cutting-edge technology to support the 'Net Zero by 2045' target by accelerating decarbonization, renewables growth, and lower-carbon solutions.

The increased allocation will include investments to grow the company’s domestic and international carbon management platforms, supporting the decarbonization journeys of both ADNOC and its customers.

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The company has stated its ambition to double its carbon capture and storage (CCS) capacity target to 10 million metric tons per year (mtpa) by 2030, which is the equivalent of removing over 2 million gasoline-powered cars from public highways. Furthermore, ADNOC is supporting Masdar’s target to reach 100 gigawatts (GW) by 2030.

The move aligns with the global push towards cleaner energy sources and net-zero emissions targets. The UAE, as a whole, is making significant efforts to diversify its economy and reduce its dependence on oil. ADNOC's increased investment in decarbonization is part of this broader national strategy.

ADNOC's Carbon Capture Projects

ADNOC is heavily invested in carbon capture and storage (CCS) projects, aiming to become a global leader in this critical technology for mitigating climate change. Here's a deeper look at their key initiatives:

Habshan CCUS Project

• Capacity: 1.5 MTPA of CO2 capture.
• Status: Final investment decision (FID) made in September 2023.
• Technology: Utilizes best-in-class capture units and closed-loop CO2 reinjection for permanent storage in deep geological formations.

Know more about the Habshan CCUS Project

Hail & Ghasha Project

• Capacity: Potential for significant CO2 capture; exact figure under development.
• Status: Early stages of planning and feasibility studies.
• Technology: exploring various capture technologies suitable for the specific emission source.

Know more about Hail & Ghasha Project

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