ADNOC has acquired a 10.1% equity stake in UK-based Storegga, which focuses on the development of global carbon capture and storage projects.
The deal, part of ADNOC’s initial allocation of $15 billion to low-carbon solutions and decarbonization technologies, is the company’s first international equity investment in carbon management.
ADNOC is targeting a carbon capture capacity of 10 million tonnes/year (tpy) by 2030 as part of a broader strategy to work towards net zero by 2045.
Storegga has a portfolio of carbon capture projects in the UK, US, and Norway. In the UK, Storegga is leading the development of the Acorn CCS project, which aims to store up to 10 million tpy of CO2 by 2030. The company was recently awarded a license, with partners, to develop the Trudavang CCS project in Norway, and is developing a number of CCS opportunities in the US, the most advanced of which is the Harvest Bend CCS project in Louisiana.