Last updated: November 2025

In early 2024, the Abu Dhabi National Oil Company (ADNOC) made its first international equity investment in carbon management, acquiring a 10.1% stake in Storegga - a UK-based leader in carbon capture and storage (CCS) technologies.

The move marked a key milestone in ADNOC’s $15 billion decarbonisation strategy and established Storegga as a global platform for low-carbon investment. The partnership accelerates ADNOC’s ambition to capture 10 million tonnes of CO₂ per year by 2030, equivalent to removing over two million cars from the road annually.

From Scottish innovation to global impact

Founded in 2019, Storegga has evolved from a single-project developer in north-east Scotland to one of the world’s most active independent carbon management companies. Its flagship Acorn Project, located at Peterhead Port, is among the UK’s most advanced CCS and hydrogen developments. By the late 2020s, Acorn is expected to store up to 10 million tonnes of CO₂ annually, supporting the decarbonisation of industrial clusters across Scotland and beyond.

Acorn sits at the heart of the Scottish Cluster, a strategic partnership of industry and government that could support 15,000 jobs a year and deliver £1.4 billion in annual GVA until 2050. The project is a model of industrial regeneration - repurposing North Sea pipelines and oil and gas expertise to enable a just transition.

Strategic capital and global reach

ADNOC’s investment builds on Storegga’s strong institutional backing from Macquarie, GIC, Mitsui, Snam, and M&G, and positions it as a key partner in global CCS expansion. Storegga now leads or co-develops major projects across the UK, United States, and Norway, including the Harvest Bend CCS project in Louisiana and Trudavang CCS in Norway.

The ADNOC partnership has already catalysed further collaboration, including a joint study with PETRONAS to explore offshore CCS in Malaysia, targeting up to 5 million tonnes of CO₂ storage by 2030. Together, these developments represent a rapidly expanding global footprint for Scottish carbon management expertise.

Enabling connections through Team Scotland

The foundations of the ADNOC–Storegga partnership were laid in Scotland through a coordinated effort across the country’s investment and trade ecosystem. During a 2023 visit by a senior UAE delegation, Scotland hosted discussions on energy transition and emerging capital opportunities; Storegga was invited to present its investment proposition and to engage directly with international energy leaders. These early connections ultimately supported the development of the relationship between Storegga and ADNOC, demonstrating how Scotland’s collaborative approach helps attract strategic global investment into key transition sectors.

Driving the next phase of decarbonisation

Storegga continues to expand its portfolio of low-carbon technologies, including the Cromarty Green Hydrogen Project (in partnership with ScottishPower) and a 1 Mtpa Direct Air Capture facility being developed with Carbon Engineering.

By combining technical innovation, global partnerships, and Scottish expertise, Storegga is proving that industrial decarbonisation can be both commercially and environmentally transformative.

From Peterhead to Malaysia, Scotland’s carbon capture leadership is shaping a global market - and Storegga is leading the charge.