Eni, Mubadala Petroleum to invest in the energy transition sector

Italy's Eni and Abu Dhabi’s Mubadala Petroleum have agreed to find joint investments in the energy transition sector as they look to cut carbon footprints.

In a statement, the companies said they will look to cooperate in areas like hydrogen and carbon capture in the Middle East, North Africa, South East Asia, Europe and other regions of mutual interest.

"This includes pursuing a gas-weighted portfolio as a key bridge to renewables," Mubadala Petroleum CEO Mansoor Mohamed Al Hamed said in the statement. 

“It also includes investing in innovation and technology to advance decarbonization and support the industry’s evolution,” he added.

The MoU comes amid an increase in interest in energy transition initiatives and deals in the hydrocarbon rich Gulf.

"We will work with a strategic partner like Mubadala Petroleum to find ways of reaching common decarbonization targets worldwide," Eni CEO Claudio Descalzi said.

Eni has pledged to be carbon neutral by 2050.