Adnoc Acquires Stake in UK Firm Storegga

CCS Adnoc Acquires Stake in UK Firm Storegga

2024-01-10 Source: Press release Adnoc 2 min Reading Time

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Adnoc has acquired a 10.1 % equity stake in Storegga, a company that focuses on the development of global carbon capture and storage projects. This is Adnoc’s first international equity investment in carbon management.

Adnoc is targeting a carbon capture capacity of 10 million tonnes per annum by 2030. (Source: Adnoc) — Adnoc is targeting a carbon capture capacity of 10 million tonnes per annum by 2030.
(Source: Adnoc)

Abu Dhabi/UAE – Adnoc has recently announced that it has taken a 10.1 % equity stake in Storegga to become a lead investor in the UK-based company that focuses on the development of global carbon capture and storage (CCS) projects.

The strategic transaction represents Adnoc’s first international equity investment in carbon management and supports the company’s strategy to leverage carbon management partnerships and technology to advance global carbon capture and storage projects that can accelerate decarbonization. The investment is enabled by Adnoc’s initial allocation of 15 billion dollars to low-carbon solutions and decarbonization technologies.

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Adnoc is targeting a carbon capture capacity of 10 million tonnes per annum (mtpa) by 2030, equivalent to taking over 2 million internal combustion vehicles off the road.

Musabbeh Al Kaabi, Adnoc Executive Director for Low Carbon Solutions and International Growth, said: “This strategic investment marks an important milestone in Adnoc’s decarbonization journey and highlights our commitment to work with partners across industries to deliver practical solutions to enable a net zero energy future. Carbon capture is an important tool to responsibly reduce carbon emissions and meet global climate goals and Adnoc will continue to scale-up this technology as we work towards net zero by 2045.”

Nick Cooper, CEO, Storegga, said, “Strategic collaborations are crucial for a pragmatic, prompt and affordable transition to a low-carbon future. Storegga is therefore ready to stand alongside traditional energy suppliers to accelerate decarbonization by deploying cost-effective CCS globally.

Storegga has a portfolio of carbon capture projects in the UK, US and Norway. In the UK, Storegga is leading the development of the Acorn CCS project, which is poised to store up to 10 million tonnes of CO2 per annum by 2030. The company was recently awarded a license, with partners, to develop the Trudavang CCS project in Norway and is developing a number of CCS opportunities in the United States, the most advanced of which is the Harvest Bend CCS project in Louisiana.

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