Sunday, May 11, 2025
LBNN
  • Business
  • Markets
  • Politics
  • Crypto
  • Finance
  • Energy
  • Technology
  • Taxes
  • Creator Economy
  • Wealth Management
  • Documentaries
No Result
View All Result
LBNN

ADNOC takes 10% stake in UK carbon capture firm Storegga

Simon Osuji by Simon Osuji
January 8, 2024
in Energy
0
ADNOC takes 10% stake in UK carbon capture firm Storegga
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter


Emirati state-owned oil firm ADNOC has taken a 10% equity stake in carbon capture firm Storegga as part of its latest round of funding.

UK-based Storegga is one of the joint venture partners behind the Acorn CCS project centred on the St Fergus gas terminal in Aberdeenshire.

The Acorn project plans to capture CO2 emissions from a group of industrial emitters located in the area around Grangemouth known as The Scottish Cluster.

The CO2 will then be transported via pipeline to St Fergus before being stored offshore in depleted gas fields in the North Sea.

In addition to the Acorn project, Storegga is also a partner in the Trudvang CCS project in Norway and the Cromarty Hydrogen Project, which received funding the UK government’s first hydrogen allocation round (HAR-1).

Storegga investor round

Announcing its “strategic investment” in Storegga, ADNOC said the transaction is its first international equity investment in carbon management.

The oil and gas firm said it 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.

ADNOC executive director for low carbon solutions and international growth Musabbeh Al Kaabi said the investment marks an “important milestone in the company’s decarbonisation journey”.

adnoc © Supplied by Adnoc
A sign outside ADNOC offices in Abu Dhabi.

“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,” Mr Al Kaabi said.

Storegga CEO Nick Cooper 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,” Mr Cooper said.

“Over the past three years we have transformed from a single-project developer in Scotland to an international force driving global decarbonization efforts.

acorn ccs track 2 © Supplied by DCT
Nick Cooper, CEO, Storegga.

“We are excited to now see ADNOC join our shareholder group.”

As well as receiving investment from ADNOC, Storegga also received further investment from existing shareholders including Singaporean sovereign wealth fund GIC and Australian asset manager Macquarie (ASX:MQG).

Storegga did not disclose the total value of investments made by ADNOC or other investors in its latest fourth round of funding.

Latest ADNOC carbon capture investment

The investment in Storegga marks the latest carbon capture move by ADNOC.

ADNOC also operates Al Reyadah, the world’s first commercial scale operation to capture and store CO from the steel industry, with a capacity of 800,000 tonnes of CO2 per year.

The company also recently awarded Petrofac a $600 million contract for its Habshan CCUS project.

In total, ADNOC said its committed investment for carbon capture capacity is now close to 4 mtpa.

Recommended for you

energy security bill

NSTA carbon storage licensing projects start to lock in industrial partners



Source link

Related posts

Zambia approves 62 licenses for electricity projects, others

Zambia approves 62 licenses for electricity projects, others

May 9, 2025
Mozambique, Zambia sign $1.5 billion deal for cross-border gas pipeline project

Mozambique, Zambia sign $1.5 billion deal for cross-border gas pipeline project

May 9, 2025
Previous Post

YC-backed African fintech Cleva, founded by Stripe and AWS alums, raises $1.5M pre-seed

Next Post

SA manufacturer mood turns upbeat on stronger activity

Next Post
SA manufacturer mood turns upbeat on stronger activity

SA manufacturer mood turns upbeat on stronger activity

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED NEWS

5 countries revising humanitarian aid policies following Trump’s aid freeze

5 countries revising humanitarian aid policies following Trump’s aid freeze

2 months ago
August Jobs Report Shows Growth, Unemployment Missing Mark

August Jobs Report Shows Growth, Unemployment Missing Mark

8 months ago
Boeing’s New Airliner-Sized Private Jets: ‘Flying Hotel Rooms’

Boeing’s New Airliner-Sized Private Jets: ‘Flying Hotel Rooms’

2 years ago
Kenyan man seek to divorce wife of 22-years after she left for US

Kenyan man seek to divorce wife of 22-years after she left for US

8 months ago

POPULAR NEWS

  • Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    Ghana to build three oil refineries, five petrochemical plants in energy sector overhaul

    0 shares
    Share 0 Tweet 0
  • When Will SHIB Reach $1? Here’s What ChatGPT Says

    0 shares
    Share 0 Tweet 0
  • Matthew Slater, son of Jackson State great, happy to see HBCUs back at the forefront

    0 shares
    Share 0 Tweet 0
  • Dolly Varden Focuses on Adding Ounces the Remainder of 2023

    0 shares
    Share 0 Tweet 0
  • US Dollar Might Fall To 96-97 Range in March 2024

    0 shares
    Share 0 Tweet 0
  • Privacy Policy
  • Contact

© 2023 LBNN - All rights reserved.

No Result
View All Result
  • Home
  • Business
  • Politics
  • Markets
  • Crypto
  • Economics
    • Manufacturing
    • Real Estate
    • Infrastructure
  • Finance
  • Energy
  • Creator Economy
  • Wealth Management
  • Taxes
  • Telecoms
  • Military & Defense
  • Careers
  • Technology
  • Artificial Intelligence
  • Investigative journalism
  • Art & Culture
  • Documentaries
  • Quizzes
    • Enneagram quiz
  • Newsletters
    • LBNN Newsletter
    • Divergent Capitalist

© 2023 LBNN - All rights reserved.