Abu Dhabi: Mubadala Energy and Masdar have forged an agreement to jointly explore and pursue opportunities in decarbonization and energy transition initiatives.
The collaboration between the two companies aims to leverage Mubadala Energy’s extensive technical capabilities across its operated and non-operated portfolio, along with Masdar’s expertise in decarbonization and energy transition technologies.
“Energy transition and decarbonization are pivotal factors driving the global economy,” stated Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala Investment Company. “By bringing together two prominent international energy leaders from Abu Dhabi to harness their profound expertise, we are fostering an environment of innovation.”
The partnership will primarily focus on Mubadala Energy’s core regions, including the Middle East and North Africa (MENA) and Southeast Asia (SEA), while also exploring potential collaboration in other mutually beneficial regions.
The companies stated in a joint statement on Monday that their cooperation will encompass various areas of synergy. This includes developing technical solutions to decarbonize or enhance the energy efficiency of upstream oil and gas assets, considering joint investments in value-enhancing renewable energy and low-carbon projects, as well as collaborating on emissions management initiatives.
Mansoor Mohamed Al Hamed, CEO Mubadala Energy, said; “Aligned with the UAE’s 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, utilization and storage (CCUS), and looking at other technological levers to decarbonize 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,” he added.