UAE - Mubasher: Abu Dhabi-based Mubadala Petroleum has inked a Memorandum of Understanding (MoU) with Italy's Eni to explore cooperation opportunities in the energy transition sector.

The scope of cooperation opportunities includes the fields of hydrogen and carbon capture, as well as utilisation and storage, which is in line with the company's decarbonisation targets, according to a press release on Tuesday.

Mubadala Petroleum and Eni will also focus on covering potential joint opportunities in the Middle East, North Africa, South East Asia, and Europe, in addition to other regions of mutual interest.

The agreement is part of Mubadala Petroleum’s environmental, social, and governance (ESG) objective and energy transition goals, including a gas-weighted portfolio strategy, through which the company’s asset base reaches almost two-thirds natural gas.