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Today, we are pleased to announce that ADNOC Group, a leading diversified energy and petrochemicals group wholly owned by the Emirate of Abu Dhabi, will acquire a 35% equity stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. This agreement represents a significant investment in the United States’ energy production and the global energy transition. It will help reduce greenhouse gas emissions across hard-to-decarbonize sectors, including industry, energy and transportation, meet rising demand for lower-carbon fuels and help customers in hard to abate industries progress their ambitions to lower emissions. Darren Woods, ExxonMobil Chairman and CEO, said: “We appreciate His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s support for this groundbreaking partnership. This is a world-scale project in a new global energy value chain. Bringing on the right partners is key to accelerating market development, and we’re pleased to add ADNOC’s proven experience and global market insights to our Baytown facility.” Our Baytown facility will leverage advanced carbon capture and storage technologies to reduce emissions associated with hydrogen production. Creating U.S. jobs and supporting community development initiatives, the project’s construction will also bring substantial economic benefits to Baytown, the Houston area and Texas. Read the full press release here: https://lnkd.in/gc_miRGV #hydrogen #ammonia #loweremissions #energytransition #realworldprogress #baytown #netzero

“ADNOC to acquire stake in ExxonMobil’s #lowcarbonhydrogen project in Texas” September 5, 2024, - Aida Čučuk “Abu Dhabi National Oil Company (ADNOC) and U.S. major ExxonMobil have signed an agreement under which ADNOC will acquire a 35% equity stake in ExxonMobil’s #lowcarbon #hydrogen and #ammonia production facility in Baytown, Texas, U.S.” “According to ExxonMobil, the agreement will help #reducegreenhousegas (#GHG) emissions across #hardtodecarbonizesectors , including industry, energy and transportation, meet rising demand for #lowercarbonfuels and accelerate a #netzerofuture .” “The Texas facility is expected to produce 1 billion cubic feet of low-carbon hydrogen daily and more than 1 million tons of ammonia annually while capturing more than 98% of the associated #CO2emissions . A final investment decision (FID) is expected in 2025 with an anticipated startup in 2029.” “ExxonMobil said the facility will leverage advanced #carboncaptureandstorage technologies to #reduceemissions associated with #hydrogenproduction , adding that by creating U.S. jobs and supporting community development initiatives, the project’s construction will also bring economic benefits to Baytown, the Houston area and Texas.” https://lnkd.in/eiN7eZku? Source- original post Read all my posts #MariusPreston

𝘼𝙗𝙪 𝘿𝙝𝙖𝙗𝙞 𝙄𝙣𝙫𝙚𝙨𝙩𝙨 𝘽𝙞𝙡𝙡𝙞𝙤𝙣𝙨 𝙞𝙣 𝙀𝙭𝙭𝙤𝙣𝙈𝙤𝙗𝙞𝙡’𝙨 𝙏𝙚𝙭𝙖𝙨 𝙃𝙮𝙙𝙧𝙤𝙜𝙚𝙣 𝙋𝙧𝙤𝙟𝙚𝙘𝙩 Abu Dhabi has committed significant investment in ExxonMobil's hydrogen project in Baytown, Texas, purchasing a 35% stake through its state oil company, ADNOC Group. This "multibillion-dollar" deal could propel the project, poised to be the world's largest low-carbon hydrogen plant, producing 1 billion cubic feet of "blue" hydrogen per day. Blue hydrogen is made from natural gas with carbon capture technology, aligning with clean energy initiatives. Despite uncertainty over U.S. government incentives, this investment by Abu Dhabi could accelerate the project, which aims to supply hydrogen to markets in Japan, Korea, and Europe. The final investment decision, contingent on supportive government policies and regulatory approvals, is scheduled for next year, with production aimed for 2029. #HydrogenEnergy #CleanEnergy #Investment #ExxonMobil #Adnoc #SustainableDevelopment https://lnkd.in/gQvEe6zX

UAE’s ADNOC Group has agreed to acquire a 35 per cent equity stake in ExxonMobil Corporation’s proposed hydrogen and ammonia production project in Baytown, Texas, which is poised to become the world’s largest of its kind upon completion. ADNOC and Exxon said in a joint statement that the production facility will have the capacity to produce up to 1 billion cubic feet daily of low-carbon hydrogen, which is virtually carbon-free and removes around 98 per cent of carbon dioxide. The facility also aims to produce more than 1 million tons of low-carbon ammonia per year. The final investment decision is expected in 2025, and the first production is expected in 2029. These developments showcase that large corporations around the world are backing hydrogen as the fuel of the future. Click the link below to invest in United H2 Limited and its 30-plus hydrogen companies in its mission to deliver hydrogen projects and technologies worldwide. Invest Now 👉 https://lnkd.in/gYJrDByD #CleanEnergy #Hydrogen #RenewableEnergy #GreenHydrogen #SustainableEnergy #GreenEnergy #HydrogenFuel #EnergyInvestment #HydrogenEconomy #SolarEnergy #HydrogenTechnology #finance #HydrogenFuture #fuelcells #HydrogenCars #HydrogenRevolution #SustainableInvestment #HydrogenPower #ClimateAction #EcoInvesting #HydrogenVehicle #GreenInvesting #innovation #impactinvesting #CleanTech #IPO #capital #equity #ECM #capitalraise

UAE-based AMEA Power and Averi Finance have joined the U.S.-led Power Africa Initiative, a program designed to mobilise investments and accelerate power generation projects across sub-Saharan Africa. Both companies will benefit from tailored assistance provided by U.S. government departments and agencies, as well as transaction advisors and technical experts.  The announcements came during HH Sheikh Mohamed bin Zayed Al Nahyan Al Nahyan’s official visit to The White House in Washington, where he met with U.S. President Joseph R. Biden Jr.  It was also announced that ADNOC Group, the UAE's national oil company, will acquire a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas.  Abu Dhabi’s Plynth Energy, a government-backed early-stage fund, also announced an investment in Zap Energy, a U.S.-based company focused on developing scalable and commercially viable fusion reactors. Read the full article here: https://lnkd.in/d8Pvus6v #poweringafrica #renewableenergy #fusionenergy #lowcarbonhydrogen #ammonia

BP and AdnocGroup are teaming up to boost natural gas production in Egypt! This joint venture aims to leverage BP's existing interests in development concessions and exploration agreements in Egypt, including significant fields like Zohr. ADNOC's involvement aligns with its strategy to expand its gas business internationally, while BP continues its commitment to fossil fuels despite aiming to reduce oil and gas output by 25% by 2030. Jean Raynald Boyer Robson Tolson Suraj A Sutar John MacArthur Ikechukwu Promise Obialor Dakim Dung Petlong Dakhling Follow The African Energy Council more more energy news. #naturalgasindustry #aecouncil #energyindustry #collaboration #economicdevelopment #energyindustry #sustainability #egypt #oilandgas #explorationandproduction #renewableenergy

Energy majors seizing East Mediterranean opportunities - ADNOC (49%) and BP (51%) have set up a joint venture in Egypt

Global energy demand is rising. Continued exploration essential for stability. Oil and gas play a crucial role in meeting these needs. Over the next six years, global oil production is set to increase by 5.8 million barrels per day. Many people ask me: - How can we reduce emissions while meeting the growing energy demand? - What about the energy transition? Is this a paradigm shift? - Can sustainability coexist with increased exploration? Production growth ensures stability in the global energy market. The oil and gas industry must cut emissions while ensuring energy security. Key strategies to achieve this include: ↳ Methane reductions ↳ Limiting flaring ↳ Electrifying operations In the U.S., the industry balances growth with sustainability through policies aiming to cut upstream oil emissions by 40% and boost production by 13%. The Middle East is crucial, supplying 33% of the world’s oil. By 2028, the region's oil production will grow by 7%, with a 4% drop in emissions. UAE's Adnoc and Saudi Aramco lead in reducing methane and improving flaring efficiencies. A sustainable future must consider energy security. Strong policies, proactive actions, and innovation are essential. Sustainable practices ensure energy security and reduce environmental impact. #OilAndGas #OilMarket #EnergyTransition

🌍 Breaking News: ADNOC Group and bp Join Forces in Egypt's Energy Sector! In a monumental move within the energy realm, UAE's state-owned Abu Dhabi National Oil Company (ADNOC Group) and global integrated energy giant bp have inked a transformative joint venture in Egypt. This strategic partnership is poised to reshape the landscape of gas development in the region and elevate Egypt's standing as a key player in the global energy market. 🤝 ADNOC secures a 49% stake in this historic collaboration, while bp retains a commanding 51% interest, signaling a harmonious blend of expertise and resources from both entities. 📈 Anticipated to be finalized in the second half of 2024, pending regulatory approvals, this venture is set to catalyze a new era of growth and innovation in Egypt's energy sector. 🔑 Under the terms of the agreement, bp will transfer its holdings in three pivotal development concessions and exploration agreements – Shorouk (10%), North Damietta (100%), and North El Burg (50%) – to the newly formed joint venture. Additionally, ADNOC will inject vital cash contributions to fuel potential expansion endeavors. 🌱 Musabbeh Al Kaabi, ADNOC’s Executive Director for Low Carbon Solutions and International Growth, underscored the alignment of this joint venture with ADNOC's strategic vision to decarbonize operations and drive an inclusive energy transition. This landmark collaboration not only enhances Egyptian energy security but also propels the nation towards sustainable economic prosperity. 🚀 This partnership represents a bold stride towards a brighter, more sustainable future for Egypt and underscores the power of collaboration in tackling the energy challenges of our time. Stay tuned for more updates as ADNOC and bp chart new frontiers in Egypt's energy landscape! #EnergyPartnership #SustainableDevelopment #ADNOC #bp #EgyptEnergy 🌟

https://lnkd.in/dM-qn8QA This project operated by #ADCO meets some elements of #Eni strategy, namely: leveraging its competitive advantages (production of sour gas is one), increasing the weight of gas in the produced hydrocarbons and achieving zero emissions. Ghasha will produce sour gas, convert it into saleable #naturalgas and the sanctioned project is reported as designed to operate with net zero CO2 emissions.  Why sell 60% of the original 25% participating interest shortly after FID? To monetise a capital gain or rather because of assumptions on risk profile, CAPEX and time to first gas which have proved to be optimistic?