Page 13 - MEOG Week 36 2021

MEOG NEWS IN BRIEF MEOG

what was mentioned in the last decree of the energy and chemicals supply chain. The decarbonization and support the industry’s
Board of Directors of KPC issued during the benefits for everyone involved are multiple as evolution. Working with partners to build
era of the former minister of Oil Anas Al- well as mutual and I am proud that Aramco on the progress we have already made is
Saleh. Former Oil minister Khaled Al-Fadhel continues to be a catalyst at the heart of the vital and we look forward to advancing this
had asked to amend the decree and restore Kingdom’s transformation, harnessing its collaboration.”
the powers to the Minister of Oil instead expertise and resources to champion new Eni decarbonization path envisages a Net
of the Board of Directors, but as a result of markets and growth sectors. We believe Zero Carbon Footprint for Scope 1 and 2
the ministerial change, this request was not these exciting target sectors offer significant emissions from upstream activities by 2030
executed. The sources ruled out the possibility opportunities for all the current and and from all Group activities by 2040. This is
for the position of Managing Director for prospective parties involved.” aiming to accomplish the net-zero target on
Administrative Affairs to be resolved soon, ARAMCO GHG Lifecycle emissions Scope 1, 2 and 3 by
especially since former Minister Khaled Al- 2050 with full decarbonization of products
Fadhel had previously refused his promotion Mubadala and Eni sign and operations. This will be achieved through
because he received a written warning of bio-refining, circular economy, efficiency
suspicions of administrative abuse in two energy transition MoU and digital solutions, increased renewables
investigation committees. capacity, blue and green hydrogen, carbon
ARAB TIMES Mubadala Petroleum, a wholly owned capture, utilization and storage projects
subsidiary of Mubadala Investment and REDD+ initiatives. Recent initiatives
Aramco expands industrial Company, and Eni signed a Memorandum of include CO2 capture and storage projects
Understanding (MoU) aimed at identifying
in the UK, delivering carbon-neutral LNG
investment programme cooperation opportunities in the energy cargos, enhancing electric charging services
transition sector, including the fields of
in Europe, new solar power capacity in Spain
Aramco announced a major expansion hydrogen and carbon capture, utilization and France, and renewable energy projects
of its industrial investment programme, and storage, that align with their respective in countries of operations such as Norway,
Aramco Namaat, with the signing of 22 decarbonization targets. Kazakhstan, Angola, and other.
new Memoranda of Understanding (MoUs) The scope of the cooperation covers potential ENI
and 1 joint venture (JV) agreement focused joint opportunities in the Middle East, North
on capacity building in four key sectors: Africa, South East Asia, Europe and other
sustainability, technology, industrial and regions of mutual interest. OIL
energy services, and advanced materials. This agreement marks a further tangible
Namaat means [collective] growth in step in line with Eni’s commitment towards Rex provides Oman update
Arabic and the programme aims to tap carbon neutrality by 2050, promoting
into the vast opportunities available in cooperation between different players in Rex International Holding Ltd, a technology-
Saudi Arabia to create new value, and drive the sector and consolidating alliances for driven oil exploration and production
economic expansion and diversification. sustainable development aimed at tackling the company, refers to the press release issued
Aramco Chairman, H.E. Yasir Al- energy transition challenges together. on 7 September 2021 by its 86.37 per cent
Rumayyan, said: “Aramco continues to be Eni CEO Claudio Descalzi, said: “The subsidiary, Masirah Oil Ltd, which announced
at the forefront of enabling and enhancing agreement signed with Mubadala Petroleum, the following: MOL today announced that
the Kingdom’s industrial, technology and represents another step towards a low carbon gross oil production in August 2021 from
sustainability infrastructure through large- emission future. Eni will leverage all its the Yumna Field in offshore Block 50 Oman,
scale investments and key partnerships, such proprietary technologies, focused on energy amounted to 10,655 stock tank barrels per day.
as IKTVA and, by extension, Namaat. Such transition. We will work with a strategic Production was choked back during
initiatives help further drive economic growth partner like Mubadala Petroleum to find ways August to carry out the annual calibration of
and diversification, ensure greater reliability of reaching common decarbonization targets safety valves and for upgrades to the transfer
of energy supply, effectively localize the worldwide.” pumps.
industrial supply chain, and create better jobs Mansoor Mohamed Al Hamed, MOL holds a 100 per cent interest in Block
and skillsets.” Mubadala Petroleum CEO, commented: 50 Oman and is the operator.
Aramco President & CEO, Amin H. “We are committed to playing our part in REX
Nasser, said: “Namaat offers our partners the energy transition. This includes pursuing
significant opportunities to participate in a gas-weighted portfolio as a key bridge
Aramco’s long-term growth strategy and to renewables. It also includes investing SERVICES
play a vital role in the Kingdom’s expanding in innovation and technology to advance
Week 36 08•September•2021 www. NEWSBASE .com P13