Khaled bin Mohamed bin Zayed Witnesses Signing Ceremony for ADNOC and ExxonMobil Partnering in World’s Largest Low-Carbon Hydrogen Facility
04 Septiembre 2024 - 7:00AM
Business Wire
ADNOC to acquire a 35% equity stake in Baytown,
Texas, project that will produce virtually carbon-free hydrogen
The strategic investment will support both
companies’ net zero ambitions, accelerate decarbonization of
hard-to-abate sectors, and meet rising demand for low-carbon
hydrogen and ammonia
Facility expects to convert U.S.-produced
natural gas into virtually carbon-free hydrogen, with ~98% of CO2
removed, advancing U.S. competitiveness and supporting U.S.
jobs
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan,
Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive
Council, has witnessed the signing of an agreement today that ADNOC
will acquire a 35% equity stake in Exxon Mobil Corporation’s (NYSE:
XOM) proposed low-carbon hydrogen and ammonia production facility
in Baytown, Texas.
The agreement represents a significant investment in the United
States’ (U.S.) energy production and the global energy transition.
It will help reduce greenhouse gas emissions across
hard-to-decarbonize sectors, including industry, energy and
transportation, meet rising demand for lower-carbon fuels, and
accelerate a net-zero future.
Contingent on supportive government policy and necessary
regulatory permits, the facility is expected to be the world’s
largest of its kind upon startup, capable of producing up to 1
billion cubic feet (bcf) daily of low-carbon hydrogen, which is
virtually carbon-free with approximately 98% of carbon dioxide
(CO2) removed and more than 1 million tons of low-carbon ammonia
per year. A final investment decision (FID) is expected in 2025
with anticipated startup in 2029.
His Excellency Dr. Sultan Ahmed Al Jaber, Minister of Industry
and Advanced Technology and ADNOC Managing Director and Group CEO,
said: "This strategic investment is a significant step for ADNOC as
we grow our portfolio of lower-carbon energy sources and deliver on
our international growth strategy. We look forward to partnering
with ExxonMobil on this low carbon-intensity and technologically
advanced project to meet rising demand and help decarbonize
heavy-emitting sectors.”
The facility will leverage advanced carbon capture and storage
technologies to reduce emissions associated with hydrogen
production. Creating U.S. jobs and supporting community development
initiatives, the project’s construction will also bring substantial
economic benefits to Baytown, the Houston area and Texas.
Darren Woods, ExxonMobil Chairman and CEO, said: “We appreciate
His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s
support for this groundbreaking partnership. This is a world-scale
project in a new global energy value chain. Bringing on the right
partners is key to accelerating market development, and we’re
pleased to add ADNOC’s proven experience and global market insights
to our Baytown facility.”
Following FID for the project, ADNOC intends to support ongoing
community initiatives in the Baytown area, in line with the
company’s commitment to sustainability and education in the
locations where it operates. This commitment reflects ADNOC’s
broader strategy to foster community development and ensure that
the benefits of its projects extend beyond environmental gains to
include social and economic advancements.
About ADNOC
ADNOC is a leading diversified energy and petrochemicals group
wholly owned by the Emirate of Abu Dhabi. ADNOC’s objective is to
maximize the value of the Emirate’s vast hydrocarbon reserves
through responsible and sustainable exploration and production to
support the United Arab Emirates’ economic growth and
diversification.
To find out more, visit: www.adnoc.ae
For media inquiries, please contact: media@adnoc.ae
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product
Solutions and Low Carbon Solutions – provide products that enable
modern life, including energy, chemicals, lubricants, and lower
emissions technologies. ExxonMobil holds an industry-leading
portfolio of resources, and is one of the largest integrated fuels,
lubricants, and chemical companies in the world. ExxonMobil also
owns and operates the largest CO2 pipeline network in the United
States. In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas
emission-reduction plans for 2030 for operated assets, compared to
2016 levels. The plans are to achieve a 20-30% reduction in
corporate-wide greenhouse gas intensity; a 40-50% reduction in
greenhouse gas intensity of upstream operations; a 70-80% reduction
in corporate-wide methane intensity; and a 60-70% reduction in
corporate-wide flaring intensity.
With advancements in technology and the support of clear and
consistent government policies, ExxonMobil aims to achieve net-zero
Scope 1 and 2 greenhouse gas emissions from its operated assets by
2050. To learn more, visit exxonmobil.com and ExxonMobil’s
Advancing Climate Solutions.
Follow us on LinkedIn or contact +1(737) 272-1452
Cautionary Statement
Statements of future events, investments, or partnerships in
this release are forward-looking statements. Actual future results,
including project plans, partner participation, timing, capacities,
and costs could differ materially depending on a number of factors
including the ability to execute operational objectives on a timely
and successful basis; implementation of government frameworks and
permitting for carbon capture and storage, hydrogen, ammonia and
other lower-emission technologies; timely completion of
construction projects; commercial and consumer interest in
lower-emissions opportunities; changes in plans or objectives prior
to final funding decisions or project startups; unforeseen
technical or operational difficulties; and other factors discussed
under the heading Factors Affecting Future Results in the Investors
section of our website at www.exxonmobil.com. Any forward-looking
statement speaks only as of the date of this press release and the
companies named herein disclaim any obligation to update any
forward-looking statement.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240904617136/en/
ADNOC media@adnoc.ae ExxonMobil +1(737) 272-1452
Exxon Mobil (NYSE:XOM)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
Exxon Mobil (NYSE:XOM)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024