Adnoc and Siemens Energy will jointly develop blockchain-based technology
Adnoc and Siemens Energy plan to jointly develop blockchain-based technology to certify the carbon intensity of a range of products produced by the state oil company.
As part of the collaboration, the two companies will explore digital certification of Adnoc’s low-carbon Murban crude oil, ammonia and jet fuel.
The information will be automatically recorded on a decentralized blockchain ledger, Adnoc said on Wednesday.
Specialists from both companies will also jointly create technology to accelerate the pace of decarbonisation and the transition to clean energy.
“Such transparency will allow independent regulators to certify the carbon intensity of products. It will also give customers greater confidence and clarity over the carbon footprint of their purchases,” Adnoc said.
The latest initiative comes at a time when Adnoc plans to cut the intensity of greenhouse gas emissions by 25 percent by 2030 as it adopts new sustainability targets.
In 2020, the company was among the five lowest greenhouse gas emissions in the oil and gas industry, with a methane intensity of 0.01 per cent.
This week the company also set a new methane emissions target for its upstream unit as part of efforts to reduce its overall greenhouse gas emissions. The state-owned oil company is aiming for the “Middle East’s lowest” methane intensity target of 0.15 percent by 2025.
“People typically associate blockchain technology with cryptocurrencies, but the use of decentralized ledgers has significant implications for the energy industry,” said Abdulmunim Al Kindy, executive director of the People, Technology and Corporate Support Directorate at Adnoc.
“This pilot promises to shine a digital spotlight into our production processes. It will show the world why energy supplied by Adnoc is among the least carbon intensive in the oil and gas industry.”
Other areas under joint development between the two companies include electrification and “Power-to-X” technology used to produce green hydrogen and its derivatives, including synthetic carbon dioxide-derived products.
The companies will also collaborate on Adnoc’s state-of-the-art innovation center in Abu Dhabi.
“Siemens Energy will work with Adnoc to develop solutions to benefit the energy industry,” said Dr Fahad Al Yafei, Siemens Energy Middle East Chief Technology Officer.
“Investment in innovation and co-creation of technologies are important tools for reducing emissions and reaching net-zero goals.”
The agreement, signed at the Abu Dhabi International Petroleum Exhibition and Conference (Adipec), will enter into force by the end of this year, according to the companies.
The United Arab Emirates continues to focus on developing new projects as it aims to become carbon neutral by 2050. The country is investing Dh600 billion ($163.5 billion) in clean and renewable energy projects.
The Emirates is building the world’s largest solar plant with a capacity of two gigawatts in Abu Dhabi’s Al Dhafra region. The plant is expected to be ready next year.
It is also developing the Mohammed bin Rashid Solar Park in Dubai which is being built in phases and will have a total capacity of 5 gigawatts by 2030.
The Arab world’s second-largest economy also launched the 5,600-megawatt Barakah nuclear power plant, where the third reactor recently came online.
Siemens Energy is also collaborating with the Abu Dhabi Investment Office (Adio) to establish the Middle East Innovation Center in Abu Dhabi.
The innovation centre, one of only four that Siemens Energy has established globally, will focus on developing technology that includes digital decarbonisation solutions, green fuels, fuel cells and the electrification of heat and industrial processes.
Updated: November 2, 2022, 10:48 am
