Mubadala Energy, the Abu Dhabi-based international energy company and the Abu Dhabi Future Energy Company (Masdar) have entered into an agreement to explore and potentially engage in opportunities relating to decarbonisation and energy transition initiatives.
The collaboration between the two companies will involve exploring opportunities that capitalise on Mubadala Energy’s extensive technical capabilities across its operated and non-operated portfolio, combined with Masdar’s renowned expertise in decarbonisation and energy transition technologies.
With a primary focus on Mubadala Energy’s key regions such as the Middle East and North Africa (MENA) and Southeast Asia (SEA), and the possibility of venturing into other mutually beneficial regions, the partnership will encompass various synergistic areas. This includes technical solutions for decarbonising or enhancing energy efficiency in upstream oil and gas assets, potential joint investments in new energy and low-carbon projects that create value, and collaborative efforts in emissions management initiatives.
Commenting on the announcement, Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala Investment Company, said; “Energy transition and decarbonisation are key drivers shaping the global economy. By bringing together two of Abu Dhabi’s leading international energy champions to leverage their deep expertise, we are creating a catalyst for innovation. I’m confident this collaboration will accelerate solutions to complex challenges and create opportunities for strategic investment.”
Mansoor Mohamed Al Hamed, CEO Mubadala Energy, said; “Aligned with the UAE’s net zero ambitions, we continue to action a clear strategy to recalibrate our business and play a more proactive role in supporting the energy transition drive towards lower carbon energy. This means we are doubling down on gas across our value chain, exploring investments in new energy sectors such as blue hydrogen and carbon capture, utilisation and storage (CCUS), and looking at other technological levers to decarbonise operations. This bold partnership with Masdar has the potential to greatly accelerate these efforts as well as create opportunities in growth sectors within the industry. As the UAE prepares to welcome leaders from around the world for COP28, we’re proud to be forging this strategic partnership.”
Mohamed Jameel Al Ramahi, CEO, Masdar, commented; “Masdar believes that energy sector investments must support scalable clean energy alternatives, new solutions for hard to abate industries and more efficient use of natural resources, to mitigate climate change while ensuring a sustainable energy supply. This landmark agreement with Mubadala Energy aligns with those objectives and with our shared ambition to position the UAE at the forefront of the global energy transition.”
With a portfolio spanning 11 countries, including significant operated positions in Southeast Asia, and investments across the Middle East, North Africa, and South Asia, Mubadala Energy is actively pursuing growth opportunities while supporting the energy transition and energy security priorities of host governments.