Abu Dhabi National Oil Company (ADNOC) has agreed to acquire a 35% equity stake in ExxonMobil Corp's ambitious low-carbon hydrogen project located in Texas. The investment by ADNOC signifies confidence in the project, which has faced uncertainties after threats of cancellation by Exxon if U.S. tax credits are limited. The proposed project, initially planned to start in 2028, will now commence in 2029, with the final investment decision postponed to 2025. Exxon's project involves building the world's largest low-carbon hydrogen facility in Baytown, Texas, powered by natural gas with captured CO2 stored underground. The initiative was spurred by clean energy tax incentives proposed by the Biden administration, although limitations on incentives for natural gas-run facilities have posed challenges. The revised project scope now includes the production of 900,000 tons of low-carbon hydrogen and over 1 million tons of low-carbon ammonia, a key industrial product also serving as a carrier for hydrogen export. Exxon's recent agreement with JERA, a major Japanese power generator, to explore low-carbon ammonia sales further demonstrates the project's potential to impact international trade and support the hydrogen economy's development. The success of the project depends on global supply and demand dynamics and regulatory frameworks aligning to foster its growth and sustainability.