ADNOC makes strategic investment in Storegga

ADNOC has acquired a 10.1% stake in Storegga to become the lead investor in the UK-based company focused on developing global carbon capture and storage (CCS) projects.

This strategic transaction represents ADNOC’s first international equity investment in carbon management, and the company’s strategy to leverage carbon management partnerships and technology to advance global carbon capture and storage projects that can accelerate decarbonization. This is to support the This investment is made possible by his initial allocation of US$15 billion to ADNOC’s low-carbon solutions and decarbonization technologies.

ADNOC targets 10 million tpy of carbon capture capacity by 2030. This equates to taking more than 2 million internal combustion engine vehicles off the road.

Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International Growth at ADNOC, said: “This strategic investment is a significant milestone in ADNOC’s decarbonization efforts, and we are working with partners across industries to deliver practical solutions that enable a net-zero energy future. It underscores our commitment to working together.” Carbon capture is a key tool to responsibly reduce carbon emissions and meet global climate goals, and ADNOC is scaling up this technology to aim for net zero by 2045. I will continue to do so. ”

ADNOC’s carbon management strategy is consistent with the Intergovernmental Panel on Climate Change (IPCC)’s view that carbon capture and storage is a key element for the world to reach net zero by mid-century.

Nick Cooper, CEO of Storegga, said: “Strategic collaboration is essential for a realistic, rapid and affordable transition to a low-carbon future. Therefore, Storegga is working with traditional energy suppliers to deploy cost-effective CCS globally. We are ready to stand shoulder to shoulder and accelerate decarbonisation. Over the past three years, we have transformed from a single project developer in Scotland to an international force driving global decarbonisation efforts. We are very pleased to have ADNOC join our shareholder group. We are fortunate to have the support of such investors.”