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March 2, 2024

ADNOC strikes strategic collaboration agreement with SOCAR

ADNOC and the State Oil Company of Azerbaijan Republic (SOCAR) have signed a strategic collaboration agreement (SCA) that sets out their intention to collaborate on the potential development of low-carbon energy technologies.

The SCA, signed at COP28, follows both ADNOC and SOCAR becoming founding signatories of the Oil and Gas Decarbonization Charter, which sets shared targets to eliminate routine flaring and zero out methane emissions by 2030 and achieve net zero by 2050.

As part of the SCA, ADNOC, and SOCAR will explore opportunities to work together to advance blue hydrogen, carbon management, and geothermal technologies that can accelerate the decarbonization of energy systems in the UAE, Azerbaijan, and other key markets and support their net zero ambitions.

The SCA builds on the strategic bilateral energy cooperation between the UAE and Azerbaijan, including the 30 percent stake held by ADNOC in the Absheron gas and condensate field in the Azerbaijan sector of the Caspian Sea.

Further, it builds on ADNOC’s shareholding in Abu Dhabi Future Energy Company (Masdar). Recently, Masdar inaugurated the 230MW Garadagh Solar Park in Azerbaijan, which is the region’s largest operational solar park.

Mr. Afgan Isayev, SOCAR Vice President for Energy Transition, Environment and Decarbonization, said that, “This partnership highlights our unwavering commitment to advancing the energy transition and reinforces the strong bilateral ties between SOCAR and ADNOC. By formalizing our commitment through the signing of the Oil & Gas Decarbonization Charter at COP28, we affirm our proactive stance towards eliminating flaring, mitigating methane emissions, and achieving net-zero emissions by 2050.”

“This collaboration signifies our collective pursuit of a greener future, leveraging our combined expertise for sustainable energy practices. This partnership highlights our unwavering commitment to advancing the energy transition and reinforces the strong bilateral ties between SOCAR and ADNOC,” Mr. Isayev added.