Scottish carbon dioxide gas storage specialist CO2DeepStore has been bought up by Petrofac, marking the global EPC firm’s first foray into the carbon sequestration and CCS storage market.
CCS is a rapidly developing sector and involves the capture of CO2 from major emissions sources such as coal and gas fired power generation facilities, LNG and gas processing plants. The resulting CO2 is transported and permanently stored deep underground in depleted gas reservoirs or saline aquifers.
“The storage of CO2 is an important part of the emerging low carbon energy mix and we are excited about the potential opportunities for our group in this sector,” explained Robin Pinchbeck, Petrofac’s group director, strategy and corporate development.
As part of the Petrofac group, CO2DeepStore will accelerate its plans for growth and development, while the acquisition represents Petrofac’s first step into the low carbon energy sector. There are many synergies between the CO2 transport and storage business and Petrofac’s Offshore Engineering & Operations and Energy Developments businesses. The combination of the two organisations establishes a leading development capability for CO2 storage projects, providing a complete storage service for power generators and other CO2 emitters.
“The combination of Petrofac’s financial strength and development capability together with our specialist knowledge and experience will help to position CO2DeepStore as the leading CO2 storage project developer in this new sector servicing the requirements of the major emitters who are establishing CCS projects,” said Alan James, managing director, CO2DeepStore.
The executive management team of the business will join Petrofac as part of the agreement.
