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Abu Dhabi National Oil Co. (Adnoc) has secured a 10.1 percent equity stake in Storegga, a United Kingdom (UK)-based developer of global carbon capture and storage (CCS) projects.

Storegga has a portfolio of carbon capture projects in the UK, the USA, and Norway. In Scotland, the company is leading the development of the Acorn CCS project, which is expected to store up to 10 million metric tons per annum (mtpa) of carbon dioxide by 2030. The company was recently awarded a license to develop the Trudavang CCS project in Norway and is developing a number of CCS opportunities in the USA, most notably the Harvest Bend CCS project in Louisiana. In the UK, Storegga’s Cromarty Hydrogen Project was recently awarded a contract as part of the UK government’s first Electrolytic Hydrogen Business Model allocation round.

The transaction represents Adnoc’s first international equity investment in carbon management and supports its strategy to “leverage carbon management partnerships and technology to advance global carbon capture and storage projects that can accelerate decarbonization”, the company said in a news release Monday. The investment is enabled by its initial allocation of $15 billion (AED55 billion) to low-carbon solutions and decarbonization technologies, the company added.

“This strategic investment marks an important milestone in Adnoc’s decarbonization journey and highlights our commitment to work with partners across industries to deliver practical solutions to enable a net zero energy future”, Adnoc Executive Director for Low Carbon Solutions and International Growth Musabbeh Al Kaabi 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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“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 decarbonization by deploying cost-effective CCS globally,” Storegga CEO Nick Cooper said.

“Over the past three years we have transformed from a single-project developer in Scotland to an international force driving global decarbonization efforts. We are excited to now see ADNOC join our shareholder group. Storegga is fortunate to be backed by investors with the necessary vision and ambition for the rapid deployment of CCS and carbon removal technologies that are imperative for meeting the global net zero objectives”, Cooper added.