Wood Group envisions carbon storage bonanza
UK services firm Wood Group said August 18 it expects to see about $500mn worth of carbon capture projects hitting the market in the medium term, adding it has already landed more than 20 individual contracts related to carbon capture, utilisation and storage (CCUS) since the beginning of the year.
“Across the globe, clients are looking for practical solutions around how to reduce their carbon emissions,” said Andrew Stewart, the executive president of strategy and development at Wood. “In heavy industry sectors, CCUS will be an essential part of this journey and we expect to see further momentum in this market as policy evolves.”
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Wood has been capitalising on the energy transition, announcing last month that it was now a steering member of the Hydrogen Council, part of an association of companies backing hydrogen as an energy source.
Elsewhere, Wood said it was part of a US carbon capture and storage (CCS) facility in the US slated to capture as much as 10mn t/y of CO2.
In the UK, the company is involved in the front-end engineering and design work at the Acorn carbon storage project at the St. Fergus gas terminal in Aberdeenshire.
“Wood anticipates continued growth in this space, with circa $500mn worth of potential CCUS projects coming to market in the medium term, highlighting the important role this technology will play in delivering a low-carbon energy system,” the company said.