Saudi Arabia alone has “huge potential” for blue hydrogen from natural gas. The country is also building “large scale” carbon sequestration infrastructure and is focused on expanding its low carbon gas resources. The kingdom’s future city of Neom is planning to add 2.2 GW of green hydrogen. Neom is part of Saudi crown prince Mohammed bin Salman’s flagship Vision 2030 project, intended to diversify the economy away from oil. Thyssenkrupp is the technology provider for the project, which also involves Air Products and ACWA Power.
Aramco is expanding its gas output, while also providing feedstock to support growth in its chemicals and hydrogen sectors. Its Jafurah shale play will yield up to 2 Bcf/d of gas, 418 MMcf/d of ethane and 630,000 boe/d of gas liquids and condensates by 2030. A carbon price “north” of Eur100/mt is needed to accelerate decarbonization, Thorel said. The EU Carbon Emission Allowance was increased to Eur76.74/mt Dec. 1. It’s a huge toll on the economy to have the entire economic system must adapt.