ADNOC Invests Big in Carbon Capture Solutions: Acquires 10% Equity Stake in Storegga

ADNOC has acquired a 10.1% equity stake in UK-based Storegga, which focuses on the development of global carbon capture and storage projects. ADNOC has initially allocated USD 15 billion to invest in low-carbon solutions and decarbonization technologies.

This investment is ADNOC’s first international equity investment in carbon management platforms. ADNOC aims to achieve a carbon capture capacity of 10 million metric tons per year (mtpa) by the year 2030.

Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth, said, “Carbon capture is an important tool to responsibly reduce carbon emissions and meet global climate goals, and ADNOC will continue to scale up this technology as we work towards net zero by 2045.”

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ADNOC operates Al Reyadah, the world’s first commercial-scale carbon capture storage facility. That captures CO2 from the steel industry, with a capacity of 800,000 metric tons of CO2 per year.

Nick Cooper, CEO of Storegga, stated that over the past three years, the organization has transformed from a single project developer in Scotland to an international force driving global decarbonization efforts. Storegga has a portfolio of carbon capture storage projects in the UK, the US, and Norway.

About ADNOC

The Abu Dhabi National Oil Company (ADNOC), established in 1971, is a global energy leader. It ranks among the top 15 oil producers globally, boasting a production capacity exceeding 4 million barrels per day, with ambitions to reach 5 million by 2030. 

ADNOC operates across the entire energy value chain, encompassing an extensive network of subsidiaries specializing in exploration, production, refining, distribution, and petrochemicals.

Committed to responsible growth and sustainability, ADNOC prioritizes minimizing its carbon footprint through innovative technologies and strategic partnerships. Some of the upcoming CCUS projects include:

Habshan CCUS Project

This project captures CO2 from the Habshan gas processing plant and stores it deep underground in onshore reservoirs. It's one of the largest integrated CCUS projects in the Middle East and North Africa (MENA) region.

Hail and Ghasha Development

This project is designed to be the world's first net-zero-emission oil and gas development. It will combine CCS with low-carbon hydrogen production and clean power to significantly reduce emissions.

About Storegga

Storegga, named after the giant geological formation under the North Sea, is a leading pioneer in carbon capture and storage and low-carbon hydrogen solutions. They aim to make a clean future possible by developing and implementing innovative technologies that address climate change.

Storegga is leading the development of the Acorn CCS project in Scotland, which is poised to store up to 10 million metric tons of CO2 per year by 2030. The company was also awarded a license with partners to develop the Trudavang CCS project in Norway. The company is also developing the Harvest Bend CCS project in Louisiana.

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