The scope covers potential prospects in Europe, the Middle East, North Africa, Southeast Asia, and other regions of mutual interest.

ENI CEO Claudio Descalzi said the agreement represents another step toward a low carbon emission future. He commented: “ENI will leverage all its proprietary technologies, focused on energy transition. We will work with a strategic partner like Mubadala Petroleum to find ways of reaching common decarbonization targets worldwide.”

The Rome-headquartered firm’s decarbonization strategy envisages a Net Zero carbon footprint for Scope 1 and 2 emissions from upstream activities by 2030 and from all group activities by 2040. It aims to achieve its goals through bio-refining, circular economy, efficiency and digital solutions, increased renewables capacity, blue and green hydrogen, carbon capture, utilization and storage projects and REDD+ initiatives, the latter established to combat deforestation and forest degradation in the tropics.

ENI’s recent initiatives include CO₂ capture and storage projects in the UK, delivering carbon-neutral LNG cargoes, installing new solar power capacity in Spain and France, and renewable energy projects in countries such as Norway, Kazakhstan, and Angola, among others.

In July, ENI signed an agreement to produce hydrogen in Egypt. The Italian firm has agreed to assess the technical and commercial feasibility of hydrogen production projects in partnership with the Egyptian Electricity Holding Company and the Egyptian Natural Gas Holding Company.

The partners will conduct a study into joint projects to produce green and blue hydrogen, as well as analyzing potential local market consumption of hydrogen and export opportunities. Green hydrogen is gas produced using renewable energy, while blue hydrogen is produced by converting natural gas into hydrogen and CO₂, which is then captured and permanently stored.

ENI has been present in Egypt since 1954 and operates through its subsidiary International Egyptian Oil Company.

Author: Elaine Burridge, Freelance Journalist