ADNOC Drilling and Masdar agree to explore geothermal energy opportunities
ADNOC Drilling Company PJSC has signed a five-year Memorandum of Understanding with Masdar, one of the world’s leading clean energy companies. Under the MoU, the companies will explore collaboration around development, investment, operations, and projects to responsibly advance the energy transition both in the UAE and globally.
Under the MoU, which reinforces ADNOC Drilling’s deep expertise in its sector, the Company will engage as a drilling technical expert and advisor to support Masdar’s deployment of geothermal energy around the world. The companies will jointly evaluate the potential for ADNOC Drilling to provide geothermal drilling services.
Geothermal energy harnesses the heat generated within the Earth’s core to provide a constant energy source, unlike solar or wind, which are intermittent in nature. Accessing geothermal energy can be extremely challenging, with studies conducted by Masdar demonstrating the need to deploy new drilling and completion technologies to drive cost efficiencies across the entire process.
Masdar entered the geothermal energy sector last month, with a strategic investment in Indonesia’s Pertamina Geothermal Energy (PGE), one of the world’s largest geothermal players. Masdar sees geothermal energy as potentially playing a significant role in the clean energy transition, helping nations with a high concentration of geothermal activity to reduce carbon emissions.
The MoU underpins ADNOC Drilling’s commitment to expand its industry leading service offering as well as develop new sources of revenue growth. Capitalizing on the Company’s depth and breadth of technical expertise to advance projects that contribute to the global energy transition.
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