News

HFI was delighted to catch up last week with Sandy Chakravarty FCPA GAICD and Canaan Ridge of the Global CCS Institute and to chart the Institute’s progress in the MENA region.  Global CCS Institute is the leading global think tank with a mission to accelerate the deployment of CSS. Led by CEO Jarad Daniels and Head of MENA Region Mohammad Abu Zahra, the latest Global CCS Institute 2023 Report states that the number of CCS facilities globally in the development pipeline increased significantly in 2023 and 392 projects are in the pipeline. CCS has arrived.

CCS in the MENA region already accounts for around 8% of global capture capacity and is on the cusp of a remarkable uptrend, with commitments by Qatar, the UAE and Saudii Arabia in announcing net-zero targets for 2030, 2050 and 2060, respectively, and COP28 serving as a catalyst for the accelerated adoption of CCS technologies in the region.  The EIC (Energy Industries Council)’s DataStream database is now tracking 11 CCS projects in the GCC region with a contract value of US$7.3 billion.

CCS ambitions in the MENA region ramped up this month with ADNOC Group announcing acquiring a 10.1% equity stake in UK-based Storegga who focus on the development of global CCS projects. The strategic transaction represents ADNOC’s first international equity investment in carbon management.

Storegga is leading the development of the Acorn CCS project in the UK which is poised to store up to 10 million tonnes of CO2 per annum by 2030. The company was recently awarded a licence to develop the Trudavang CCS project in Norway and is developing several CCS opportunities in the United States, the most advanced of which is the Harvest Bend CCS project in Louisiana.

The Americas Energy Summit & Exhibition, held last week in New Orleans, was an excellent opportunity for pivotal discussions around the future of energy and to drive a low-carbon energy future for gas, LNG & hydrogen, including blue hydrogen. Key technology participants  were Argus Oil, Ascent Funds, CS&P Technologies, LP, CIRCOR Energy International, DayStar Technologies, Electric Hydrogen, Flowserve Corporation, Hycamite TCD Technologies, Kathairos Solutions, Lineriders, Modern Hydrogen and Prodrive Technologies.

Hugh Fraser International is very much looking forward to Global CCS Institute’s next stage of development in the MENA region and to the latest news on decarbonisation technologies at the International Petroleum Technology Conference (IPTC) event in Dahran on 12th – 14th February. This is an excellent opportunity to meet up with our clients and connections in Saudi Arabia.