DUBAI: Abu Dhabi National Oil Co. said on Wednesday it had reached a final investment decision to develop the Habshan carbon capture project.
The carbon capture, utilization and storage project will have the capacity to capture and permanently store 1.5 million tons of carbon dioxide a year, ADNOC said in a statement.
ADNOC brought forward its net zero carbon emissions target by five years to 2045 in July as the UAE prepares to host a major UN climate conference in December.
The Habshan project will triple the state oil giant’s carbon capture capacity to 2.3 million tons per year.
The project will be built, operated and maintained by ADNOC Gas on behalf of ADNOC, the statement said.
“This landmark project is one of many tangible initiatives that ADNOC is delivering as we accelerate our decarbonization plan to meet our net zero by 2045 ambition,” Musabbeh Al-Kaabi, ADNOC executive director of low carbon solutions and international growth, said.
It will include carbon capture units at the Habshan gas processing plant, pipeline infrastructure and a network of wells for carbon dioxide injection.
The UAE is hosting the UN COP28 climate summit, whose incoming president is ADNOC CEO Sultan Al-Jaber, at the end of the year.
The Organization of the Petroleum Exporting Countries producer supplies nearly 3 percent of global oil, which is a major source of greenhouse gases.
ADNOC said in January it would allocate $15 billion to decarbonization projects by 2030.
