SLB buys majority of Aker Carbon Capture for $380m

US company aims to accelerate deployment of new technologies offered by Norwegian pureplay CCS firm

Global energy technology major SLB has agreed to buy 80% of Norway’s Aker Carbon Capture for NOK4.12b ($380m) in a deal designed to accelerate the scale-up of new CCS technologies to bring down costs. The deal is one of the most significant in the CCS technology sector in recent years and could trigger further consolidation as competition for large industrial projects intensifies. Deployment of CCS and CCUS technology is accelerating, especially in the US market where the Inflation Reduction Act has further enhanced the existing 45Q tax credit regime. However, high costs continue to hamper investment in many cases. “For CCUS to have the expected impact on supporting global net-zero ambitions