The agreement will pave way for expanding the long-standing partnership and collaboration between the two leading energy producers across the full value chain, according to a WAM news agency report.

The agreement was signed by Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and Adnoc Group CEO, and Patrick Pouyanné, Chief Executive Officer of Total.

Dr Al Jaber said: “We are pleased to strengthen our partnership and alliance with Total as we work towards a low carbon future. The agreement builds on our sustainability goal to decrease greenhouse gas (GHG) intensity by 25 percent by 2030, and reinforces Adnoc’s commitment to responsible oil and gas production as we deliver on our 2030 smart growth strategy. We look forward to leveraging this expertise and collaborating with Total to further research and develop low carbon technologies and sustainable growth opportunities.”

Adnoc and Total will jointly explore opportunities to reduce CO2 emissions, improve energy efficiency and use renewable energy for oil and gas operations. In the area of CCUS, the companies will further develop joint research into new technologies covering carbon capture, storage solutions and enhanced oil recovery projects based on CO2 usage.

Pouyanné said: “We are very pleased to start this new cooperation with ADNOC, our long-term partner in the United Arab Emirates. This initiative will allow the two companies to join forces in several domains such as the reduction of carbon emissions on industrial sites, improvement of the energy efficiency in operations, and the development of innovative solutions and business models towards the CCUS chain. This is a perfect example of Total’s commitment to leverage its global presence and expertise to act towards its 2050 net-zero ambition alongside its long-standing key partners.”

The potential for collaboration in CCUS by ADNOC and Total complements Adnoc’s CCUS programme which has seen the company establish the Al Reyadah facility, the first commercial-scale CCUS facility in the Middle East.
Currently, the facility has the capacity to capture 800,000 tonnes of CO2 annually. Adnoc plans to expand the capacity of this programme six-fold by capturing CO2 from its own gas plants, with the aim of reaching 5 million tonnes of CO2 every year by 2030 – the equivalent of the annual carbon capture capacity of over 5 million acres of forest.

Total currently collaborates with Adnoc across the full value chain, from offshore and onshore exploration, development and production of oil and gas, to gas processing and liquefaction, product marketing, research and development, and National Talent development.

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Diesel price scaled to a new high after prices were hiked for the 22nd time in just over three weeks. Petrol price has now increased by 5 paise a litre and diesel 13 paise a litre across the country by state oil marketing companies.

In Delhi, petrol price per litre was raised to Rs.80.43 as compared to Rs 80.38 earlier. Meanwhile, diesel price has been increased to Rs.80.53 a litre from Rs Rs.80.40.
In Mumbai, petrol price went up from Rs.87.14 per litre to Rs.87.19, while diesel was hiked to Rs.78.83 from Rs.78.71.

Rates differ from state to state depending on the incidence of value-added tax (VAT).

While the diesel price has been hiked for the 22nd time since June 7, petrol price has been raised on 21 occasions. There was no change in prices on Sunday.

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Prices of petrol and diesel went up on Saturday as oil companies continued to fuel rates in the line with costs.

According to a price notification of state oil market companies, petrol price has been increased by 25 paise per liter and diesel 21 paise per litre in Delhi. The price of brent crude oil stands at $41.02.

Customers will have to pay Rs 80.38 for every litre of petrol and Rs 80.40 for diesel in the national capital. In Mumbai, petrol will cost Rs 87.14 per litre and diesel Rs 78.71 per litre.

Opposition parties have been attacking the government over the fuel price hike and the Congress is planning a mass protests across the country on Monday over the “unprecedented” rise in petrol and diesel prices.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or value-added tax (VAT).Taxes make up for nearly two-thirds of the retail selling price.

As much as Rs 50.69 per litre or 64% in petrol price is due to taxes—Rs 32.98 is the central excise duty and Rs 17.71 is local sales tax or VAT.

In the case of diesel, over 63% of the retail selling price is taxes. Out of the total tax incidence of Rs 49.43 per litre, Rs 31.83 is by way of central excise and Rs 17.60 is VAT.

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