By Elsa Baxter
Masdar and Bahrain’s National Oil and Gas Authority (NOGA) have signed an agreement to develop projects to cut carbon emission in the oil and gas industry.
Abu Dhabi’s energy and sustainability initiative will work alongside NOGA to develop projects that take advantage of the Kyoto Protocol’s clean development mechanism, according to a statement released on Monday.
The Kyoto Protocol allows companies in developing countries to profit from emission reductions by trading them as carbon credits under a United Nations scheme.
Dr Abdul Hussain Bin Ali Mirza, Minister of Oil and Gas Affairs and chairman of NOGA in Bahrain said: “Driving a sustainable and environmentally friendly oil and gas industry is of prime interest to our leadership, and we consider our engagement with Masdar an important milestone in this process”.
The agreement focuses on carbon emissions derived in the upstream, transportation and downstream parts of the sector.
“This agreement leverages the strong ties that exist between our countries and emphasises our shared commitment to promote environmental responsibility” said Dr Sultan Al Jaber, Masdar CEO.
“This initiative by NOGA will unlock the carbon reduction potential in the oil and gas industry in the region.”
Source: Arabianbusiness
