UK's Petrofac gets over $600 million carbon capture contract from ADNOC Gas
Reuters
Published Oct 03, 2023 07:18
Updated Oct 03, 2023 08:26
(Reuters) -UK oil services firm Petrofac (LON:PFC) 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.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.