However, this pipeline of projects falls far short of meaningfully affecting global climate goals according to the agency, which says that 1.7bn tpa of CCUS capacity is needed by 2030 to reach net-zero emissions by 2050. The number of new CCUS projects announced globally increased from 18 in 2019 to 38 in 2020 and 97 in 2021, according to the International Energy Agency. However, the sector is gaining momentum as user end-markets, particularly in Europe, demand cleaner energy sources and carbon-trading markets. Many companies have been slow to embrace CCUS due to its high upfront costs and the lack of a market for carbon offsets and credits. Carbon captureĬCUS allows hydrocarbons companies to remove carbon from production processes, which can either be stored, redeployed in enhanced oil recovery techniques or transformed into other consumer goods. Moreover, with the cheapest solar energy in the world, an abundance of wind energy and ample land on which to build green energy generation projects, Gulf NOCs could establish an early-mover advantage in green hydrogen production and export, potentially bringing in $200bn in revenue by 2050, according to a report published last year by consultancy Roland Berger and Dii Desert Energy, a public-private network focused on the energy transition. Gulf NOCs’ low-cost production advantages and massive hydrocarbons resources mean that CCUS can reduce emissions for the coming decades as the world continues to rely on oil and gas amid the energy transition.Īramco, ADNOC and the Kuwait National Petroleum Company produced 19.3% of global oil and held 28.7% of global proven oil reserves in 2021, while QatarEnergy produced 4.4% of the world’s gas and held 13.1% of global proven gas reserves. These deals are the latest of numerous others in recent months by Gulf NOCs, which could position them as global leaders in both CCUS and hydrogen. The deal will help ADNOC meet its goal of capturing 5m tonnes per annum (tpa) of carbon by 2030, a six-fold increase from its current capacity of 800,000 tpa from its gas plants. In July Abu Dhabi National Oil Company (ADNOC) signed a deal with France’s TotalEnergies to collaborate on CCUS and hydrogen. Last week Saudi Aramco reached a deal with China’s Sinopec to develop CCUS and hydrogen while building a manufacturing complex at the King Salman Energy Park in eastern Saudi Arabia.
As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS) hydrogen and other green energies to make their activities less carbon-intensive and support the energy transition.
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