ADNOC takes stake in UK-based CCS entity
ADNOC takes stake in UK-based CCS entity
ABU DHABI, January 8, 2024 – ADNOC has acquired a 10.1% stake in UK-based CCS company Storegga in a move to broaden its carbon capture portfolio, the Emirati NOC announced on Monday.
Storegga’s portfolio contains projects in the UK, the USA and Norway.
This includes the Acorn CCS project located in Scotland around 2.5 kilometres off the coast of Scotland in the North Sea that has a capacity to store up to 10 million tonnes of carbon dioxide per year by 2030.
The company is also involved in the Cromarty hydrogen project as part of the UK’s first electrolytic hydrogen framework allocation round.
Additionally, the company was recently awarded a licence to develop the Trudavang CCS project in Norway.
Storegga is also pursuing CCS opportunities in the USA, including the Harvest Bend CCS project in Louisiana.
The investment is part of ADNOC’s allocation of USD 15 billion put towards low-carbon and decarbonisaton technologies.
“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,” said Musabbeh Al Kaabi, executive director for low carbon solutions and international growth of ADNOC.
The company has set a goal to have CCS capacity of at least 10 million tonnes by 2030 and net-zero carbon emissions by 2045.
ADNOC operates the Al Reyadah CCS project in the UAE, the world’s first commercial scale CCS project based in the steel industry that has the capacity to store 800,000 tonnes of carbon dioxide per year.
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