Abu Dhabi's state oil company, ADNOC, is set to acquire a 35% stake in Exxon Mobil's planned large-scale hydrogen production plant in Texas. The facility aims to produce up to 1 billion cubic feet per day of low-carbon hydrogen, with a significant 98% carbon dioxide removal rate. This project is a part of Exxon's strategy to establish a new revenue stream by assisting other companies in reducing their greenhouse gas emissions. The hydrogen output from this plant will cater to Exxon's refining system, third-party buyers, and potentially supply blue ammonia to the markets in Northeast Asia and Europe. The final investment decision is anticipated around mid-2025, with production slated to commence in 2029 and reach full capacity within a year, contingent on market demand. ADNOC's confidence in the project's success is high, foreseeing substantial demand due to its competitive pricing. Although the exact costs remain undisclosed, the investment is expected to be in the billions, with the potential for further expansion by adding a second train in the future.