Adnoc is growing its CCS portfolio
Adnoc buys into UK CCS developer Storegga
Emirati energy company takes 10.1% stake in first international investment in carbon management sector
Emirati energy company Adnoc has made its first overseas investment in the CCS sector with the purchase of a 10.1% stake in independent UK-based project developer Storegga. The investment, the size of which was not disclosed, formed part of Storegga’s fourth funding round, which also drew further investment from existing shareholders, including Singaporean sovereign wealth fund GIC and Australian bank Macquarie. Adnoc funded its investment from a $15b pot allocated to growing its presence in low-carbon solutions and decarbonisation technologies. The company has set a CCS capacity target of 10mt/yr by 2030. “This strategic investment marks an important milestone in Adnoc’s decarbonisation jou
Also in this section
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
