Collaboration set to leverage expertise to accelerate decarbonization of Mubadala Energy’s portfolio in line with energy transition strategy, and explore growth in targeted new energy investments.
Announcement comes as the United Arab Emirates prepares to host COP28, and supports the country’s net-zero and sustainability commitments.
Abu Dhabi – Mubadala Energy, the Abu Dhabi-based international energy company and the Abu Dhabi Future Energy Company (Masdar) have entered into an agreement to explore and potentially engage in opportunities relating to decarbonization and energy transition initiatives.
The partnership will see both companies jointly explore collaborations that leverage Mubadala Energy’s deep technical capabilities across its operated and non-operated portfolio, together with Masdar’s world-leading expertise in decarbonization and energy transition technologies.
With a focus on Mubadala Energy’s 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 decarbonize 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; “Energy transition and decarbonization are key drivers shaping the global economy. By bringing together two of Abu Dhabi’s leading international energy champions to leverage their deep expertise, we are creating a catalyst for innovation. I’m confident this collaboration will accelerate solutions to complex challenges and create opportunities for strategic investment.”
Masdar, the UAE’s clean energy powerhouse, has been actively developing cutting-edge programs in support of global decarbonization efforts, in areas like green hydrogen, investing and innovating in renewable energy since 2006. It is committed to advancing the UAE’s net-zero journey and creating value for Abu Dhabi by diversifying the economy.
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. As the UAE prepares to welcome leaders from around the world for COP28, we’re proud to be forging this strategic partnership.”
Mohamed Jameel Al Ramahi, CEO, Masdar, commented; “Masdar 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.”
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 company’s 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.
About Mubadala Energy:
Mubadala Energy is an international energy company, headquartered in Abu Dhabi. With a diversified portfolio of operated and non-operated assets spanning 11 countries, its primary geographic focus is in the Middle East and North Africa, Russia and Southeast Asia.
Mubadala Energy is a wholly-owned subsidiary of Mubadala Investment Company, which is owned by the Government of Abu Dhabi. The company’s portfolio is over 70 per cent gas, with a working interest production in 2022 of approximately 500,000 barrels of oil equivalent per day.
In line with Mubadala Energy’s commitment to play an active role in the energy transition, the company is expanding across the gas value chain and actively pursuing opportunities in new energy sectors.
Abu Dhabi Future Energy Company (Masdar) is the UAE’s clean energy champion and one of the largest companies of its kind in the world, advancing the development and deployment of renewable energy and green hydrogen technologies to address global sustainability challenges. Established in 2006, Masdar is today active in over 40 countries, helping them to achieve their clean energy objectives and advance sustainable development. Masdar is jointly owned by Abu Dhabi National Oil Company (ADNOC), Mubadala Investment Company (Mubadala), and Abu Dhabi National Energy Company (TAQA), and under this ownership the company is targeting a renewable energy portfolio capacity of at least 100 gigawatts (GW) by 2030 and an annual green hydrogen production capacity of up to 1 million tonnes by the same year.