During the COP28 Conference, UAE’s Dragon Oil Company formalized its commitment to environmental sustainability by signing the “Oil and Gas Decarbonization Charter” agreement.
This move underscores the company’s dedication to sustainable development goals and its efforts to reduce carbon emissions in the atmosphere by decarbonizing the oil and gas sector.
Ali Rashid Al Jarwan, CEO of Dragon Oil, expressed pride in this significant step, taken at the United Nations Climate Change Conference in the UAE.
He noted that the signing symbolizes the oil industry’s, and specifically Dragon Oil’s, shift towards sustainable development. Al Jarwan remarked, “This step is a clear indication of Dragon Oil’s recognition of the need to enhance actions supporting a future free from greenhouse gas emissions.”
He highlighted Dragon Oil’s pioneering role in environmental initiatives, including being among the first to implement a policy to cease gas flaring in its fields. The company has planned to stop the burning of associated gas permanently in Egypt and Iraq by 2025 and in Turkmenistan by 2027.
Al Jarwan elaborated on Dragon Oil’s strategies to support this objective, emphasizing action-oriented efforts to hasten the energy transition.
The company plans to invest in future energy systems and technologies, including those that facilitate negative emissions, aiming for climate neutrality by 2050.
He expressed Dragon Oil’s pride in this achievement and its commitment to fulfilling the charter’s goals through strategic partnerships with key sectors, such as technology and service providers, and the financial services sector.
Additionally, Al Jarwan indicated that the agreement aligns with the five initiatives launched by Dragon Oil during the COP 28 activities. These initiatives focus on emission reduction, solar energy utilization in production fields, marine environment protection, coral reef preservation, maintenance of marine platforms, and other related areas.
Al Jarwan also emphasized the company’s focus on clean alternatives through innovation, including blue hydrogen and solar energy, and its commitment to halting gas flaring as part of its strategy to decarbonize the oil industry.
In conclusion, Al Jarwan stressed the significance of COP28 as an ideal platform for achieving climate neutrality, given the extensive participation of countries, financial, energy, and environmental institutions, and other stakeholders in climate change.
