Speaking about other recent company-related news, it is worth noting that Fugro reported a revenue of over €1
billion for the first half of 2023, representing a 24.1% growth from €833 million in the first half of 2022, said to be
due to continued high client demand in energy markets.

The meeting was also attended by Dr Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology and
ADNOC Managing Director and Group CEO; Suhail Mohamed Al Mazrouei, Minister of Energy and
Infrastructure; Ahmed Ali Al Sayegh, Minister of State; Khaldoon Khalifa Al Mubarak, Managing Director and
Group CEO of Mubadala Investment Company; and Jassem Mohammed Buatabah Al Zaabi, Chairman of the
Abu Dhabi Department of Finance.

Abu Dhabi's Crown Prince highlighted ADNOC's role as a key enabler of the UAE's updated nationally
determined contribution (NDC), which raises the ambition of the country's nationwide emissions reductions to 40
per cent by 2030, as well as the firm's role in supporting the UAE's recently updated Energy Strategy 2050, its
new National Hydrogen Strategy and Abu Dhabi's Climate Change Strategy.

Sheikh Khaled bin Mohamed bin Zayed Al Nahyan notes that ADNOC's employees are crucial to delivering on its
decarbonisation plan and points out that people are the nation's greatest asset, thus, the UAE will continue to
prioritise human capital development.

During the meeting, the executive committee called on ADNOC to seek new global partnerships with other
progressive energy companies, customers, and technology players to collaborate on and boost its
decarbonisation plan. This announcement comes after ADNOC established a Low Carbon Solutions and
International Growth Directorate last year to identify opportunities and drive forward its decarbonisation plans.

Many believe 2023 is a pivotal year for countries to increase both ambition and action on the clean energy
transition front, thus, the upcoming COP28 climate summit in Dubai is seen as a crucial moment to agree on
concrete steps to keep the goal of limiting global warming to 1.5 °C within reach.

While renewables are portrayed as the future, many also agree that oil and gas, especially LNG, will be required
for decades to come to fuel this transition process and met the world's energy demands. The UAE is also
working on ramping up its hydrocarbon production capacity, which includes plans to increase its crude oil
production capacity to five million barrels per day by 2030.

Furthermore, ADNOC is also dedicated to lowering its emission footprint, thus, the firm placed sustainability at
the heart of its long-term strategy, including the decarbonisation of its operations, investing in renewables,
building a global hydrogen value chain, deploying innovative climate technology solutions and advancing nature-
based solutions such as planting mangroves in the UAE.

The company's upstream carbon intensity performance was around 7 kg CO2e/boe in 2022 while its methane
intensity was about 0.07 per cent. The firm was also awarded the Gold Standard Pathway by the Oil and Gas
Methane Partnership 2.0.

In addition, ADNOC achieved greenhouse gas (GHG) emissions reductions of approximately 4 mt last year by
using grid energy from solar and nuclear power to supply 100 per cent of its onshore operations as well as
around 1 mt from energy efficiency and flaring reduction projects.

The UAE giant claims that these results, independently assured by DNV, place it in the top tier of lowest carbon
intensity oil and gas producers in the world. ADNOC's commitment to sustainability and decarbonisation dates
back to the company's founding.

Building on billions of dollars of investments in decarbonisation and sustainability projects since its inception, the
UAE player recently made an initial allocation of $15 billion to expedite the implementation of its key
decarbonisation initiatives, including carbon capture and storage, electrification, energy efficiency, and nature-
based solutions. Over the coming months, the company intends to reveal further investments and associated
projects that will enable it to meet its updated decarbonisation targets.

ADNOC also plans to drive the global growth of renewable energy and green hydrogen through its shareholding
in the Abu Dhabi Future Energy Company (Masdar), which is a renewable energy company, targeting a portfolio
of more than 100 GW of renewable capacity and the production of one million tonnes of green hydrogen by
2030.

ADNOC's decarbonisation plan includes a $3.8 billion, first-of-its-kind at scale project, connecting its offshore
operations to clean grid power, which will reduce its offshore carbon footprint by up to 50 per cent. It also
includes building a 1 million tonnes per annum low-carbon ammonia production facility to help its customers to
decarbonise.

Additionally, the company started two pilot projects to deploy climate technologies to capture and permanently
store carbon dioxide as part of its plan to expand its carbon capture capacity to 5 million tonnes per annum by
2030.

This builds on ADNOC's carbon capture and storage facility, Al Reyadah, which became the world's first
commercial-scale operation to capture emissions from the steel industry when it was completed in 2016. The
facility, with the capacity to capture 800,000 tonnes of CO2, played “a pivotal role” in advancing carbon capture
technology and reducing emissions from industry, says the UAE giant.