ADNOC takes stake in carbon capture project developer

Jan. 12, 2024

ADNOC has acquired a 10.1% stake in London-based carbon capture and storage (CCS) developer Storegga.

Offshore staff

ABU DHABI, UAE — ADNOC has acquired a 10.1% stake in London-based carbon capture and storage (CCS) developer Storegga.

Storegga is leading the development of the Acorn CCS project in northeast Scotland, which is targeting subsurface storage in the central UK North Sea of up to 10 MM metric tons/year of CO₂ by 2030.

Acorn and Uniper entered into an MoU last month to jointly develop a potential solution to ship captured CO2 from the Isle of Grain to Peterhead Port (pictured) in the northeast of Scotland and onto the Acorn transportation and storage network, which can then pipe the CO2 to permanent storage 2.5 km below the seabed in the North Sea using repurposed gas pipelines.

Last month, Storegga and partners Shell UK, Harbour Energy and North Sea Midstream Partners signed a memorandum of understanding with Uniper to ship CO₂ captured from the latter’s Grain power station in southeast England to Peterhead Port on Scotland’s east coast.

From there, the captured volumes would head through the Acorn transportation and storage network for subsequent delivery for storage 2.5 km below the seabed in the North Sea using repurposed gas pipelines.

Recently, the Norwegian authorities awarded Storegga and its partners a license to develop the Trudavang CCS project in the Norwegian sector, and it is also working on other CCS programs in the US, the most advanced being the Harvest Bend CCS project in Louisiana.

It is ADNOC’s first international equity investment in carbon management as the company looks to use carbon management partnerships and technology to advance global CCS projects.

The company has initially earmarked $15 billion for low-carbon solutions and decarbonization technologies. It is aiming to build a carbon capture capacity of 10 MMmt by 2030.

In the UAE, ADNOC operates Al Reyadah, said to be the world’s first commercial-scale operation to capture and store CO₂ from the steel industry, with a capacity of 800,000 mt/year of CO₂.

Recently, it announced further carbon capture projects that lift its committed investment for carbon capture capacity to almost 4 MMmt/year.

01.11.2024