July 26, 2023 [Argus]- Japanese state-owned energy agency Jogmec and Abu Dhabi’s state-run Adnoc have agreed to co-operate on driving decarbonisation in upstream value chains, expanding their existing collaboration in oil and gas development.
Jogmec and Adnoc signed an initial agreement on 17 July to partner on evaluation and application technologies related to carbon capture and storage (CCS), carbon capture, utilisation and storage (CCUS), methane management and other low-carbon technologies. But further details were not disclosed. This agreement builds on their existing work together in the development of oil and gas reserves since January 2000.
Japan’s demand for CCS and CCUS technologies, as well as methane management technologies, is likely to increase further as the island country with few natural resources will have to continue relying on fossil fuels, especially LNG, in its energy transition. Jogmec last year expanded its funding coverage to CCS projects, and plans to support an initiative to cut methane emissions in LNG value chains.
The latest deal was announced during the Japan-UAE business forum held in Abu Dhabi in the presence of Japan’s prime minister Fumio Kishida and Sheikh Hamed bin Zayed Al Nahyan, a member of the Abu Dhabi Executive Council. Kishida visited the UAE, as well as Saudi Arabia and Qatar, over 16-18 July, together with around 30 Japanese firms, state-owned Japan Bank for International Cooperation (JBIC) and state-run insurance agency Nexi.
JBIC separately signed a deal with Adnoc on 17 July, to further strengthen their partnership on decarbonisation. The bank aims to create more opportunities for carbon neutral collaborations between Japanese companies and Adnoc.
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