Under the MOU, ADNOC Drilling will engage as a drilling technical expert and advisor to support Masdar’s deployment of geothermal energy projects around the world. The companies will jointly evaluate the potential for ADNOC Drilling to provide geothermal drilling services.
Masdar entered the geothermal energy sector last month, with a strategic investment in Indonesia’s Pertamina Geothermal Energy (PGE), one of the world’s largest geothermal players. Established in 2006, Masdar is the UAE’s clean energy powerhouse, active in over 40 countries across the globe, and has invested in a portfolio of renewable energy projects with a combined capacity of around 20 GW.
The MoU underpins ADNOC Drilling’s commitment to expand its industry leading service offering as well as develop new sources of revenue growth, capitalizing on 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 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,” said Abdulrahman Abdulla Al Seiari, CEO of ADNOC Drilling.
“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,” added Mohamed Jameel Al Ramahi, CEO of Masdar.
