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Adnoc acquires minority stake in UK carbon capture company Storegga: State-owned Abu Dhabi National Oil Company (Adnoc) has acquired a 10.1% stake in Storegga, a UK-based carbon capture company specializing in CCS projects worldwide, according to a statement. The acquisition marks Adnoc’s first international equity investment in carbon management and the first time Storegga receives funding from the MENA region. The financial details of the transaction were not disclosed.
The equity funding from Adnoc came as part of a fourth funding round for Storegga, which saw follow-on investments from existing shareholders including Singapore’s GIC and Australia’s Macquarie, according to a separate statement from Storegga. “The funds raised will be used for delivery of ongoing projects and business development activities across the company,” the statement added.
About Storegga: The company has a portfolio of CCS projects in the UK, US, and Norway, including the Acorn CCS project in Scotland, which is expected to store up to 10 mn tons of CO2 per year by 2030. Storegga is also working on green and blue hydrogen projects in Scotland. The partnership between Adnoc and Storegga will leverage their expertise and resources to accelerate the deployment of CCS and carbon removal technologies.
Adnoc’s investment in carbon capture is no surprise: Adnoc had allocated USD 15 bn last year to low-carbon solutions and decarbonization technologies and aims to capture 10 mn tons of CO2 annually by 2030.
Adnoc has other plans in the works: Adnoc revised its net zero plan in August, targeting net zero in 2045 instead of 2050. Adnoc also announced in September a final investment decision to set up one of the MENA region’s largest carbon capture projects. The Habshan project will have the capacity to capture and permanently store 1.5 mn tons annually of CO2 within geological formations underground.
