ADNOC Drilling, an Abu Dhabi-based drilling company, has signed a Memorandum of Understanding (MoU) with Masdar, a clean energy company, for a period of five years. The MoU focuses on exploring opportunities for collaboration in the areas of development, investment, operations, and projects to responsibly advance the energy transition, both locally in the UAE and globally.
As per the MoU, ADNOC Drilling will serve as a drilling technical expert and advisor to support Masdar’s deployment of geothermal energy worldwide, and the two companies will assess the potential for ADNOC Drilling to offer geothermal drilling services. This MoU reinforces ADNOC Drilling’s extensive expertise in the drilling sector.
Abdulrahman Abdulla Al Seari, Chief Executive Officer, ADNOC Drilling, said, “Geothermal energy has enormous global potential and energy developers are challenged to ensure smart and innovative ways to deliver cost-effective wells. Our leading integrated drilling services offering can bring advanced, efficient start-to-finish drilling and completion technologies to enable Masdar the potential to generate clean geothermal energy to cool thousands of homes and office buildings.”
Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar said, “This MoU with ADNOC Drilling further reinforces Masdar’s commitment to unlocking clean energy opportunities across a wide range of technologies. With Masdar recently adding geothermal energy to our growing clean energy portfolio, we are excited about the important role that geothermal can play in helping to drive forward the global energy transition, and we look forward to working with ADNOC Drilling to realize that potential.”
Masdar has invested in geothermal energy, which provides a constant source of energy unlike solar or wind, which can be intermittent. However, accessing geothermal energy is a difficult process and requires new drilling and completion technologies to drive cost efficiencies. Masdar’s strategic investment in Pertamina Geothermal Energy in Indonesia last month is seen as a way to reduce carbon emissions by harnessing geothermal energy.
The MoU signed between ADNOC Drilling and Masdar will allow the two companies to collaborate on development, investment, operations, and projects that can advance the global energy transition, with ADNOC Drilling acting as a technical expert and advisor in the area of geothermal drilling services. Masdar has a portfolio of renewable energy projects with a combined capacity of around 20 GW in over 40 countries.
