The Hydrogen Stream: Masdar signs more hydrogen deals at COP28


Masdar has signed a trilateral agreement with Abu Dhabi Department of Energy (DoE) and Abu Dhabi Investment Office (ADIO) to advance the hydrogen economy in Abu Dhabi. The aim is to position the United Arab Emirates as a global leader in low-carbon hydrogen production and export. Masdar said it expects the strategic trilateral collaboration to provide the market conditions to attract international investment and co-development. The parties signed the agreement at COP28 in Dubai.

OMV signed a non-binding development agreement with Masdar at COP28 in Dubai to explore green hydrogen production for industrial decarbonization in OMV's refineries. “The non-binding [agreement] forms the basis of a joint agreement to develop an industrial large-scale electrolysis plant, which will be powered by renewable energy,” said Masdar. “The partners will collaborate to develop the project and plan to make a final investment decision in the second half of 2024.”

Verbund Green Hydrogen has partnered with Masdar to explore the development of a green hydrogen plant in central Spain. “Harnessing the abundant renewable resources of Castilla-La Mancha region, the prospective plant will aim to generate green hydrogen to cover industrial demand in Spain and central Europe,” said Masdar. 

SkyNRG has agreed to work with Masdar, Port of Amsterdam, and Zenith Energy Terminals to explore the feasibility of a dedicated liquefied green hydrogen supply chain. “The parties will join their efforts to study a liquefied green hydrogen supply chain, focusing on production by Masdar and export to the port of Amsterdam to provide hydrogen to regional industries, as well as the European hinterland,” said Masdar.

ACWA Power has signed a deal with Indonesia's state-owned electricity provider and PT Pupuk to develop Indonesia's largest green hydrogen facility, the Garuda Hidrogen Hijau (GH2) Project. Set to commence commercial operations in 2026, the project will use 600 MW of solar and wind power, producing 150,000 tonnes of green ammonia annually, with an estimated project cost exceeding $1 billion, said ACWA Power. The bidding process for engineering procurement and construction is scheduled for the first quarter of 2024, with financial close by the end of 2025.

Wood Mackenzie says oil and gas majors currently hold an 8% market share of announced global net low-carbon hydrogen production capacity, emphasizing a push for small-scale project operations before 2030. Despite their current modest share, the analysis suggests the potential for unannounced projects to quickly alter the landscape, with over 750 companies involved in hydrogen plans. Wood Mackenzie foresees an increase in the majors' market share as low-carbon hydrogen reaches a crucial investment inflection point.

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