Mubadala Petroleum and Italian oil major Eni have signed an agreement to identify cooperation opportunities in the energy transition sector, the wholly-owned subsidiary of Mubadala Investment Company has said in a statement.
This includes cooperation in the fields of hydrogen and carbon capture, utilization, and storage, all of which align with their respective decarbonization targets.
The scope of the cooperation is said to cover potential joint opportunities in Mena, South East Asia, Europe, and other regions of mutual interest.
This memorandum of understanding they signed is expected to be a further step in line with Eni’s commitment towards carbon neutrality by 2050, promoting cooperation between different players in the sector, and consolidating alliances for sustainable development aimed at tackling the energy transition challenges together.
The MoU also aligns with Mubadala Petroleum’s approach to Environmental, Social & Governance (ESG) considerations and its energy transition goals.
This includes pursuing a gas-weighted portfolio strategy that has seen the company’s asset base reach almost two thirds natural gas, while reducing Green House Gas Emissions by 25 percent in the last three years, it said in the statement.
