UAE-based company Masdar and ADNOC Drilling have signed a five-year partnership to jointly explore and develop geothermal in the UAE and globally.
UAE company masdar and Abu Dhabi Drilling Company A five-year memorandum of understanding was signed to collaborate in the development, investment and operation of projects aimed at driving energy transition in the UAE and globally.
Under the MOU, ADNOC Drilling will participate as a drilling technology expert and consultant to support Masdar in deploying geothermal energy projects globally. The two companies will jointly evaluate the potential of ADNOC Drilling to provide geothermal drilling services.
Masdar entered the geothermal energy space last month, Strategic investment in Pertamina Geothermal Energy (PGE) in Indonesia, one of the largest geothermal companies in the world. Founded in 2006, Masdar is a clean energy power station in the United Arab Emirates, active in more than 40 countries around the world, and has invested in a series of renewable energy projects with a total installed capacity of approximately 20 GW.
The MOU supports ADNOC Drilling’s commitment to expand its industry-leading range of services and develop new sources of revenue growth, leveraging the company’s depth and breadth of technical expertise to advance projects that contribute to the global energy transition.
“Geothermal energy has enormous global potential, and energy developers are challenged to ensure that cost-effective wells are delivered in an intelligent and innovative manner. Our leading integrated drilling services offering can bring advanced, efficient drilling and completion technologies from start to finish , giving Masdar the potential to generate clean geothermal energy to cool thousands of homes and offices,” said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling.
“This MoU with ADNOC Drilling further strengthens Masdar’s commitment to unlocking clean energy opportunities across a broad range of technologies. With Masdar’s recent addition of geothermal energy to our growing portfolio of clean energy, our commitment to geothermal energy Excited to play an important role in helping drive the global energy transition and we look forward to working with ADNOC Drilling to realize this potential,” Masdar CEO Mohamed Jameel Al Ramahi added.
source: Abu Dhabi Drilling Company