ADNOC acquires 10.1% stake in CCUS player Storegga
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It was announced this week that ADNOC has taken a 10.1% stake in UK-based CCUS player Storegga. The transaction represents ADNOC’s first international equity investment in carbon management and supports its long-term strategy for the transition.
In the short video below we discuss in more detail the strategic drivers behind the deal using CORSI and our new Lens Carbon product.
ADNOC has a long history of leveraging strategic partnerships to develop expertise and support growth ambitions. The stake in Storegga will provide new CCUS partnerships with Eni (via Neptune), Shell and Talos and build upon existing agreements with the likes of TotalEnergies, BP, Santos and Oxy.
Storegga has unrisked net capacity of 10 Mtpa through projects in Norway, UK and U.S., the most advanced of which is its flagship Acorn project in the UK Central North Sea which is due to start up in 2027.
The move provides Storegga with a strategic partner of scale and a potential injection of capital as it looks to develop its pipeline of projects. It could also provide an exit route further down the line.
For ADNOC, the deal will build upon its existing UK position via the BP-operated H2 Teeside project and provide entry into Norway and the U.S. It will take net capacity up to 5.2 Mtpa and a step closer towards meeting its 10 Mtpa by 2030 target.
Access to Storegga’s portfolio of 3rd party removed projects also represents a shift in Middle Eastern NOC’s CCUS strategy which has been largely focused on decarbonising its own operations. With a reported US$15 billion low-carbon budget, more strategic moves are expected.