The Abu Dhabi National Oil Company (ADNOC) has acquired 10.1% of the UK’s Storegga, which develops CO₂ storage and hydrogen production projects across the world (particularly in Europe, but also in the US).

ADNOC joins Macquarie Group, Mitsui & Co, GIC, Snam and M&G in owning Storegga, and the acquisition will help ADNOC meet its goal of achieving 10 million tonnes in CO₂ capture capacity by 2030, while expanding its global reach. ADNOC is the operator of Al Reyadah, the world’s first carbon capture and storage project for steel production, and can therefore be considered a leader in the field itself. Of the deal, Storegga CEO Nick Cooper said that “Strategic collaborations are crucial for a pragmatic, prompt and affordable transition to a low-carbon future.  Storegga is therefore ready to stand alongside traditional energy suppliers to accelerate decarbonisation by deploying cost-effective CCS globally.”

The deal was part of fund raising by Storegga which also saw further investment in the company by Macquarie Group and GIC.