Adnoc buys into UK CCS developer Storegga

Emirati energy company takes 10.1% stake in first international investment in carbon management sector

Emirati energy company Adnoc has made its first overseas investment in the CCS sector with the purchase of a 10.1% stake in independent UK-based project developer Storegga. The investment, the size of which was not disclosed, formed part of Storegga’s fourth funding round, which also drew further investment from existing shareholders, including Singaporean sovereign wealth fund GIC and Australian bank Macquarie. Adnoc funded its investment from a $15b pot allocated to growing its presence in low-carbon solutions and decarbonisation technologies. The company has set a CCS capacity target of 10mt/yr by 2030. “This strategic investment marks an important milestone in Adnoc’s decarbonisation jou