Mubadala Petroleum and the Italian multinational oil and gas company, Eni have signed a Memorandum of Understanding (MoU) aimed at identifying cooperation opportunities in the energy transition sector, including the fields of hydrogen and carbon capture, utilization and storage (CCUS) as part of their tangible plan to achieve carbon neutrality by 2050.
The partnership is in line with Mubadala Petroleum’s proactive 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% in the last three years.
“The agreement signed with Mubadala Petroleum, represents another step towards a low carbon emission future. Eni will leverage all its proprietary technologies, focused on energy transition. We will work with a strategic partner like Mubadala Petroleum to find ways of reaching common decarbonization targets worldwide”.Claudio Descalzi, ENI CEO
The agreement was signed by Mubadala Petroleum’s CEO, Mansoor Mohamed Al Hamed and Eni’s COO of Natural Resources, Alessandro Puliti. The signing was witnessed by Khaldoon Khalifa Al Mubarak, Managing Director and Group CEO of Mubadala Investment Company and Claudio Descalzi, CEO of Eni.