The UAE energy company Abu Dhabi National Oil Company (ADNOC) and the US group Occidental Petroleum have signed a strategic collaboration agreement to evaluate potential investment opportunities for the development of direct air capture (DAC) facilities and carbon capture and storage (CCS) hub projects in the United Arab Emirates (UAE) and United States (US).
ADNOC has revealed its interest in participating in the Stratos DAC project, being built in the Permian Basin of Texas (US) by an Occidental subsidiary, that is expected to be the world’s largest DAC facility in the world. The development a megaton DAC project in the UAE is also being evaluated by the partners, fitting in with ADNOC’s ambitions to achieve net-zero by 2045.
This strategic collaboration agreement is enabled by the UAE-US Partnership for Accelerating Clean Energy (PACE). Launched in November 2022, PACE’s goal is to mobilise US$100bn in financing, investment, and other support to deploy 100 GW of clean energy by 2035.