bp, ADNOC and Masdar to provide clean energy solutions in UK and UAE
The companies intend to explore opportunities to provide sustainable energy and mobility solutions for cities in the UK, UAE and beyond.
bp, ADNOC and Masdar have signed three agreements that could generate billions of dollars in investments in clean, low-carbon energy, potentially creating thousands of energy jobs.
The first deal would see the companies collaborate to initially develop 2 GW of low-carbon hydrogen at hubs in the UK and UAE, with the intention of expanding as the project progresses. Access to clean hydrogen can reduce emissions, enable new low-carbon products and unlock future fuels. The announcement could make a significant contribution to the UK government’s goal of developing 5 GW of hydrogen production by 2030.
It could also lead to the first international investment in Teesside’s low-carbon hydrogen facility (H2Teesside), which aims to produce 1 GW of blue hydrogen from 2027. H2Teesside would capture and store up to two million tonnes of carbon dioxide (CO2) a through the Northern Endurance Partnership (NEP).
“The UK is our home and we have worked in the UAE for almost a century. By partnering with the visionary leaders of ADNOC and Masdar, we see huge business opportunities to generate the clean energy the world needs and at the same time revitalize local economies and create the jobs of the future, ”said Bernard Looney, chief of bp. executive officer.
The two companies will initially focus on the application of energy and storage efficiency, cleaner fuels and the production of distributed renewable energy.