Mubadala Energy, an international energy company headquartered in Abu Dhabi, and Masdar, the Abu Dhabi Future Energy Company, have forged a strategic agreement aimed at exploring and potentially participating in projects centered around decarbonization and energy transition.
Under this partnership, the two entities will collaboratively explore opportunities that capitalize on Mubadala Energy’s extensive technical expertise across its operated and non-operated portfolio, combined with Masdar’s renowned leadership in cutting-edge decarbonization and energy transition technologies. The alliance seeks to drive meaningful progress towards a more sustainable and greener future.
With a keen focus on Mubadala Energy’s core regions, namely the Middle East and North Africa (MENA) and Southeast Asia (SEA), the dynamic partnership between Mubadala Energy and Masdar aims to explore and address various interconnected areas. These include developing technical solutions to decarbonize and enhance energy efficiency in upstream oil and gas assets. Additionally, the collaboration will explore opportunities for joint investments in innovative new energy projects that prioritize lower carbon footprints. Furthermore, both entities will work together on emissions management initiatives, striving to reduce environmental impacts while actively considering other regions of mutual interest for potential future endeavors. By harnessing their collective expertise, the partnership seeks to advance sustainability and contribute to a more sustainable future in the energy industry.
Commenting on the announcement, Dr. Bakheet Al Katheeri, Chief Executive Officer of UAE Investments Platform at Mubadala Investment Company, said; “Energy transition and decarbonization 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.”
As a formidable force in clean energy, Masdar has been at the forefront of groundbreaking programs dedicated to supporting worldwide decarbonization endeavors. With a strong emphasis on green hydrogen and significant investments in renewable energy dating back to 2006, Masdar has established itself as the UAE’s premier clean energy powerhouse. Committed to propelling the UAE’s journey towards net-zero emissions, Masdar plays a pivotal role in diversifying Abu Dhabi’s economy while generating sustainable value for the region. Through innovation and steadfast dedication, Masdar continues to lead the charge towards a greener and more sustainable future for all.
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, utilization and storage (CCUS), and looking at other technological levers to decarbonize 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 an expansive presence in 11 countries and substantial operated positions in Southeast Asia, Mubadala Energy is at the forefront of pursuing growth opportunities while prioritizing energy transition and supporting the energy security objectives of host governments. Leveraging its investments across the Middle East, North Africa, and South Asia, the company remains committed to strategic expansion.
Last year’s strategic pivot unveiled a renewed focus on expanding across the gas value chain and venturing into emerging energy sectors. This recent collaboration agreement adds significant momentum to Mubadala Energy’s efforts in these areas, reinforcing its position as a proactive player shaping the future of energy in diverse regions worldwide.