ADNOC has acquired a 10.1% equity stake in Storegga, a developer of CCS projects.
This marks ADNOC’s first international equity investment in carbon management, positioning it as a key investor in the UK-based company.
Storegga’s carbon capture projects span the UK, US, and Norway.
In the UK, the company is leading the Acorn CCS project, which aims to store up to ten million tonnes (mt) of CO₂ annually by 2030.
Additionally, Storegga, along with its partners, has secured a licence to develop the Trudavang CCS project in Norway.
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It is also pursuing several CCS projects in the US, including the Harvest Bend project in Louisiana.
ADNOC said the investment aligns with its strategic focus on forming carbon management partnerships and adopting technologies that bolster global CCS projects, thereby accelerating decarbonisation.
It forms part of ADNOC’s broader commitment, which includes an initial allocation of $15bn (Dh55.09bn) to low-carbon solutions and decarbonisation technologies.
ADNOC executive director for low-carbon solutions and international growth Musabbeh Al Kaabi said: “This strategic investment marks an important milestone in ADNOC’s decarbonisation 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.”
Storegga CEO Nick Cooper said: “Over the past three years we have transformed from a single-project developer in Scotland to an international force driving global decarbonisation efforts. We are excited to now see ADNOC join our shareholder group.”
The United Arab Emirates Government-backed ADNOC is aiming to achieve a CCS capacity of ten million tonnes per annum by 2030.