We use cookies
To help provide you with a good experience on our website. By continuing to browse the website, you are agreeing to our use of cookies.

SLB announces agreement to acquire majority ownership in Aker Carbon Capture

GO NET ZERO ENERGY

SLB announces agreement to acquire majority ownership in Aker Carbon Capture

SLB today announced an agreement to combine its carbon capture business with Aker Carbon Capture (ACC) to support accelerated industrial decarbonization at scale.

Source: SLB

Bringing together complementary technology portfolios, leading process design expertise and an established project delivery platform, the combination will leverage ACC’s commercial carbon capture product offering and SLB’s new technology developments and industrialization capability. It will create a vehicle for accelerating the introduction of disruptive early-stage technology into the global market on a commercial, proven platform. Following the transaction, SLB will own 80% of the combined business and ACC will own 20%.

The International Energy Agency (IEA) sees carbon capture, utilization, and sequestration (CCUS) playing a critical role in the net-zero transition—estimating that over one gigaton of CO2 per year will need to be captured by 2030, scaling up to over six gigatons by 2050.

For CCUS to have the expected impact on supporting global net-zero ambitions, it will need to scale up 100-200 times in less than three decades. Crucial to this scale-up is the ability to lower capture costs, which often represent as much as 50-70% of the total spend of a CCUS project. We are excited to create this business with ACC to accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors.

Olivier Le Peuch, chief executive officer, SLB

SLB will pay NOK 4.12 billion to purchase 80% of Aker Carbon Capture Holding AS (ACCH), which holds the business of ACC, and will contribute the SLB carbon capture business to the combined entity. SLB may also make additional payments of up to NOK 1.36 billion over the next three years based on the performance of the business.

The transaction is subject to regulatory approvals and is expected to close by the end of the second quarter, 2024.

Relevant news

GO DIGITAL ENERGY
SLB announces collaboration with Geminus AI
First AI models built using physics-based simulation for optimization of oil and gas operations
GO DIGITAL ENERGY
SLB and Equinor drill most autonomous well section to-date
SLB and Equinor will increase drilling with fully autonomous operations.
GO DIGITAL ENERGY
Fishbones and Aker BP launch project to extend reservoir reach by 50%
Fishbones and Aker BP will work togeder industry technology development project
GO CIRCULAR
Aker Carbon Capture will be constructing a new Swiss waste-to energy plant
Aker Carbon Capture will help Limeco to construct a new CCS plant in Switzerland.
GO DIGITAL ENERGY
Northern Lights, SLB team with Microsoft on CCS value chain digitalization
SLB and Northern Lights signed a memorandum with Microsoft to optimize cloud-based workflows of Northern Lights.
GO DIGITAL ENERGY
Aker BP to pioneer DeepOcean-operated unmanned surface vessel
DeepOcean has sealed a deal with Aker BP to use an unmanned surface vessel for subsea inspection.