In September 2022 the UAE Minister of Industry and Advanced Technology and Claudio Descalzi, Eni's Chief Executive Officer, met in Abu Dhab to discuss the progress of the company’s activities in the Emirate of Abu Dhabi, future projects and areas of common interest and collaboration, with the aim to accelerate the existing development project and the time-to-market of new exploration discoveries and international activities, in line with the common decarbonization strategy and with the purpose to contribute to increasing worldwide gas supply. They also discussed the acceleration of the multi-billion-dollar Ghasha project. The project is estimated to hold significant recoverable gas and is expected to produce more than 1.5 billion cubic feet of gas per day (bcfd) in addition to more than 120,000 barrels of high-value oil and condensates per day.
In September 2021 we signed with Mubadala Petroleum, a wholly owned subsidiary of Mubadala Investment Company, a Memorandum of Understanding (MoU) aimed at identifying cooperation opportunities in the energy transition sector, including the fields of hydrogen and carbon capture, utilization and storage, that align with their respective decarbonization targets. The scope of the cooperation covers potential joint opportunities in the Middle East, North Africa, South East Asia, Europe and other regions of mutual interest. This agreement marks a further tangible step in line with Eni's commitment towards carbon neutrality by 2050. We aim for operational excellence in our activities, reducing direct CO2 emissions from operating assets. We develop new technologies to capture, store and use CO2 to bolster our decarbonization strategy. In line with our goal, we are also working in Abu Dhabi to achieve zero net emissions by 2030. Specifically, we are working with ADNOC to build a carbon capture and storage plant and an enhanced oil recovery project in the BAB field, which will reduce emissions to 360 thousand tonnes per year. We have also launched a project to electrify the Lower Zakum, Umm Shaif / Nasr and Dalma fields, with the aim of further reducing emissions by 200 thousand tonnes per year.