Photo: Illustration; Source: Mubadala Petroleum

Eni and Mubadala to pursue energy transition opportunities

UAE-based oil and gas company Mubadala Petroleum and Italy’s energy player Eni have agreed to collaborate in the energy transition-related initiatives.

The two companies 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, that align with their respective decarbonization targets, Mubadala Petroleum informed on Tuesday.

The scope of the cooperation covers potential joint opportunities in the Middle East, North Africa, South East Asia, and Europe and other regions of mutual interest.

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.

Mubadala has recently published its 2020 Annual Sustainability Report, detailing the company’s approach and impact on key Environmental, Social & Governance parameters across its portfolio of assets.

The partnership is in line with Mubadala Petroleum’s approach to 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 greenhouse gas emissions by 25 per cent in the last three years.

In a separate statement on Tuesday, Eni said the agreement marks a further tangible step in line with its 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.

Eni CEO, Claudio Descalzi, said: “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”.