ADNOC acquires stake in UK-based CCS company Storegga

Abu Dhabi National Oil Company (ADNOC) has made its first international equity investment in carbon management by acquiring a 10.1% stake in UK-based Storegga, a company focused on developing global carbon capture and storage (CCS) projects. ADNOC aims to achieve a carbon capture capacity of 10 million tons per annum by 2030, aligning with global climate goals. The investment supports ADNOC's strategy to leverage carbon management partnerships and technology for decarbonisation, following its $15bn initial decarbonisation investment. Storegga is involved in CCS projects in the UK, US, and Norway, including the Acorn CCS project storing up to 10 million tons of CO2 annually by 2030. (Offshore Energy)