Mubadala Petroleum and Eni Sign a Memorandum of Understanding for Cooperation in Energy Transition Initiatives

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Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company, and Eni 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. The scope of the cooperation covers potential joint opportunities in the Middle East, North Africa, South East Asia, Europe and other regions of mutual interest.

This agreement marks a further tangible 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.

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.”

Mansoor Mohamed Al Hamed, Mubadala Petroleum CEO, commented: “We are committed to playing our part in the energy transition. This includes pursuing a gas-weighted portfolio as a key bridge to renewables. It also includes investing in innovation and technology to advance decarbonization and support the industry’s evolution. Working with partners to build on the progress we have already made is vital and we look forward to advancing this collaboration.”

Eni decarbonization path envisages a Net Zero Carbon Footprint for Scope 1 and 2 emissions from upstream activities by 2030 and from all Group activities by 2040. This is aiming to accomplish the net-zero target on GHG Lifecycle emissions Scope 1, 2 and 3 by 2050 with full decarbonization of products and operations. This will be achieved through bio-refining, circular economy, efficiency and digital solutions, increased renewables capacity, blue and green hydrogen, carbon capture, utilization and storage projects and REDD+ initiatives. Recent initiatives include CO2 capture and storage projects in the UK, delivering carbon-neutral LNG cargos, enhancing electric charging services in Europe, new solar power capacity in Spain and France, and renewable energy projects in countries of operations such as Norway, Kazakhstan, Angola, and other.

Source: Eni

Eni and Saipem sign a Memorandum of Understanding for decarbonization projects in Italy

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Eni’s CEO, Claudio Descalzi, and Saipem’s CEO, Stefano Cao, today signed a Memorandum of Understanding (MoU) to cooperate on the identification and engineering of decarbonisation initiatives and projects in Italy. In particular, the companies intend to identify possible opportunities for collaboration in the sector of the carbon capture, utilization and storage (CCUS) of CO2 produced by industrial districts in the Italian territory.

The objective is to contribute towards the decarbonisation process of entire production chains, particularly those of the highest energy intensity by taking clear steps with immediate action to combat climate change and to achieve CO2 reduction targets at national, European and global level.

Through the MoU, Eni and Saipem will also evaluate participation in programs financed by the European Union as part of the Green Deal Strategy, proposing the possible inclusion of specific initiatives within the plan for the use of funds intended to support Member States of the ‘European Union in the post-COVID-19 phase (“Recovery and Resilience Fund”).

Eni is committed to responding to the challenge of improving access to reliable and clean energy, counteracting climate change through concrete, rapid and economically sustainable solutions. Eni’s strategy combines the objectives of continuous development in a rapidly evolving energy market with a significant reduction in its carbon footprint.

Saipem is a provider of solutions aimed at enabling the hybridization and decarbonization of energy-intensive production complexes. It boasts a consolidated experience and solid skills in the construction of plants linked to the CO2 chain, with the ability to also act as an integrator of processes and technologies, taking into account the expertise and experience gained in the management of CCUS processes on multiple industrial complexes. Over the years, Saipem has designed more than 70 plants for the capture of CO2 and over 40 plants for the subsequent transformation into urea.

Claudio Descalzi, CEO of ENI, stated: “Through this strategic agreement, Eni intends to strengthen its leadership in the energy transition process, accelerating the evolution of its business model that combines economic and financial sustainability with environmental sustainability. The adoption of technological solutions for decarbonization such as carbon capture, utilization and storage, will be fundamental in the energy transition of the country, and Eni can provide unique skills and expertise in managing production processes and in the fight against climate change”.

Saipem’s Chief Executive Officer, Stefano Cao, commented: “The agreement signed with Eni strengthens Saipem’s role as a leading player in the CO2 capture, transport, reuse and storage sector. We are able to propose concrete solutions to support the process of reducing carbon dioxide emissions of the energy and production chains of the industrial districts in Italy and contribute to the achievement of ambitious national and European objectives. These solutions require a high level of specialization, competence and experience in this sector that Saipem has developed over the years and is ready to make available in its contribution to Italy’s sustainable recovery and in supporting the technological and industrial supply chain”.

The present Understanding could be subject to subsequent binding actions that the parties involved will define according to the applicable law, included that which regulates operations among related parties.

Source: saipem.com