UK’s Petrofac gets over $600 million carbon capture contract from ADNOC Gas
(Reuters) -UK oil services firm Petrofac said on Tuesday it got a more than $600 million contract from ADNOC Gas for the Habshan carbon capture and storage (CCS) project, as the Abu Dhabi-based company steps up its decarbonisation plan.
Energy producers globally have identified CCS as key to cutting emissions without scaling back oil and gas output, and have started to invest in such technology at a time countries around the world are increasingly pushing towards cleaner fuels.
CCS technology removes carbon dioxide produced by industrial processes from the atmosphere, or captures it at the point of emission, and stores it underground.
The engineering, procurement and construction contract from ADNOC Gas would be a boost for Jersey-based Petrofac, which in August posted a half-yearly loss, hurt by subdued activity at its largest unit of engineering and construction.
The ADNOC contract involves delivery of carbon capture units, associated pipeline infrastructure and a network of wells for carbon dioxide recovery and injection, the London-listed company said in a statement.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Nivedita Bhattacharjee, Dhanya Ann Thoppl and Sharon Singleton)
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.