ADNOC acquires 10.1% equity stake in UK's Storegga

Abu Dhabi National Oil Company (ADNOC) has secured a 10.1% equity stake in Storegga, a UK-based company specialising in global carbon capture and storage (CCS) projects, the Abu Dhabi-based company announced on Janaury 8. This investment represents ADNOC's inaugural international equity venture in carbon management.

The investment is enabled by ADNOC’s initial allocation of $15bn to low-carbon solutions and decarbonisation technologies. The company is targeting a carbon capture capacity of 10mn tonnes/year by 2030.

Musabbeh Al Kaabi, ADNOC executive director for low carbon solutions and international growth, said: “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 boasts a diversified portfolio of carbon capture projects in the UK, US, and Norway. Notable among them is the Acorn CCS project in the UK, set to store up to 10mn tonnes/year of CO2 by 2030. Storegga is also actively engaged in CCS opportunities in the US, including the Harvest Bend CCS project in Louisiana.