Abu Dhabi Future Energy Company, better known as Masdar, which recently added geothermal power to its clean energy portfolio, plans to team up with UAE-based ADNOC Drilling Company PJSC to support its push into the sector.
The companies have inked a five-year memorandum of understanding (MoU) to explore collaboration around development, investment, operations and projects to responsibly advance the energy transition both in the UAE and globally, a press release said.
Under the MoU, ADNOC Drilling will become a drilling technical expert and adviser to support Masdar’s deployment of geothermal energy around the world and the companies will jointly consider whether ADNOC Drilling can provide geothermal drilling services to its partner.
“Existing wells present opportunity to be retrofitted for renewable geothermal energy and leverage potential for greater efficiency and sustainability,” ADNOC Drilling noted in the statement, adding that the partnership backs its plan to expand its service offering and find new sources of revenue growth.
Masdar, which was founded in 2006, has a portfolio of renewable energy projects with a combined capacity of around 20 GW. The company entered the geothermal energy sector with its recent investment in Indonesia-based Pertamina Geothermal Energy (PGE).
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