ADNOC has taken 10.1% equity stake in Storegga to Advance Global Carbon Capture and Storage (CCS) Projects to become a lead investor in Storegga, a UK-based company focused on developing carbon capture and storage (CCS) projects worldwide.
The investment is made possible by ADNOC’s initial allocation of $15 billion towards low-carbon solutions and decarbonization technologies.
ADNOC has set a target of achieving a carbon capture capacity of 10 million metric tons per annum (MMtpa) by 2030, which is equivalent to taking over 2 million internal combustion vehicles off the road.
“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. 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,” said Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth.
This marks ADNOC’s first international equity investment in carbon management and supports the company’s strategy to leverage partnerships and technology to accelerate decarbonization efforts.
“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,” said Nick Cooper, CEO, Storegga.
“Over the past three years, we have transformed from a single-project developer in Scotland to an international force driving global decarbonization efforts. We are excited to now see ADNOC join our shareholder group. Storegga is fortunate to be backed by investors with the necessary vision and ambition for the rapid deployment of CCS and carbon removal technologies that are imperative for meeting the global net zero objectives,” Cooper added.
Storegga has a portfolio of CCS projects in the UK, US, and Norway. In the UK, Storegga is leading the development of the Acorn CCS project, which has the potential to store up to 10 MMtpa of CO2 by 2030.
The company has also been granted a license, in partnership with others, to develop the Trudavang CCS project in Norway. Additionally, Storegga is working on several CCS opportunities in the US, with the Harvest Bend CCS project in Louisiana being the most advanced.
Meanwhile, ADNOC operates Al Reyadah, the world’s first commercial-scale operation to capture and store CO2 from the steel industry, with a capacity of 800,000 tons per year.
Recently, the company announced major carbon capture projects, bringing its committed investment in carbon capture capacity to almost 4 MMtpa.
ADNOC is also one of the 50 founding signatories of the Oil and Gas Decarbonization Charter (OGDC), a global commitment to accelerate climate action across the industry.
This aligns with the Intergovernmental Panel on Climate Change’s (IPCC) view that CCS is a critical enabler for achieving net zero by mid-century.
