Adnoc Steps Up Transition Push for UAE

Copyright © 2021 Energy Intelligence Group

Abu Dhabi National Oil Co. (Adnoc) is pulling out all the stops to retain its role as a growing oil producer, while also becoming the key enabler for the United Arab Emirates to achieve its target of net-zero emissions by 2050. Indeed, amid relentlessly accelerating energy transition pressures, Adnoc has turbocharged its response. The state oil giant is targeting leading positions in carbon capture, utilization and storage, blue hydrogen, and just announced plans to develop green hydrogen and renewable projects — a first. Its prominence and importance to the UAE economy, along with its financial and project management muscle, strategic acumen and leadership commitment, make Adnoc the key lever for the Mideast Gulf state to hit its transition goals. Still, success is not guaranteed. Much will depend on the development of a global hydrogen market, of which countries like the UAE are seeking to capture a critical portion, and continued demand for oil to fund what will be an expensive transition. Adnoc has advantages that some of its national oil company peers lack. These include the unequivocal backing of its leadership, as well as fellow state or quasi-state entities like Masdar, Mubadala and Taqa to collaborate with under the Abu Dhabi Inc. umbrella. Adnoc CEO Sultan al-Jaber's dual role as the UAE's climate envoy and minister of industry and advanced technology also enables fast-track decision-making and ensures full government support and alignment across sectors.

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