Mubadala Energy, the Abu Dhabi-based international energy company, and the Abu Dhabi Future Energy Company (Masdar) are in partnership to address decarbonisation and accelerate the energy transition.
With business interest in Africa, the move would enable the organisations to leverage their strength in line with the energy transition strategy. It will also ensure they explore growth in targeted new energy investments.
This is coming as the United Arab Emirates (UAE) prepares to host COP28 and support the country’s net-zero and sustainability commitments. According to the companies, the partnership is expected to see them jointly explore collaborations that leverage Mubadala Energy’s deep technical capabilities across its operated and non-operated portfolio, together with Masdar’s expertise in decarbonisation and energy transition technologies.
The partnership will also focus on Mubadala Energy’s core regions, including the Middle East and North Africa (MENA) and Southeast Asia (SEA), with the option of exploring other regions of mutual interest.
This includes technical solutions to decarbonise or improve the energy efficiency of upstream oil and gas assets, potential joint investments in value-accretive new energy, lower carbon projects and collaboration on emissions management initiatives.
Commenting on the announcement, the Chief Executive Officer of UAE Investments Platform at Mubadala Investment Company, Dr Bakheet Al Katheeri, said energy transition and decarbonisation are key drivers shaping the global economy.
He said by bringing together two of Abu Dhabi’s leading international energy champions to leverage their deep expertise, the companies are creating a catalyst for innovation.
“I am confident this collaboration will accelerate solutions to complex challenges and create opportunities for strategic investment,” he said. The Chief Executive of Officer of Mubadala Energy, Mansoor Mohamed Al Hamed, said the company, in line with the UAE’s net zero ambitions, would continue to implement a clear strategy to recalibrate its 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 decarbonize operations,” he said.
Executive Officer of Masdar, Mohamed Jameel Al Ramahi, said Masdar believed energy sector investments would 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.
