In an endeavour to accelerate industrial decarbonisation at scale, SLB has announced an agreement to merge its carbon capture business with Aker Carbon Capture.

The combination aims to leverage ACC’s commercial carbon capture product offering and SLB’s new technology developments and industrialization capability. By bringing together complementary technology portfolios and leading process design expertise, the collaboration seeks to create a platform for introducing disruptive early-stage technology into the global market on a commercial, proven platform. Following the transaction, SLB will hold an 80 percent stake in the combined business, with ACC owning the remaining 20 percent.

According to the International Energy Agency, carbon capture, utilisation, and sequestration are expected to play a crucial role in the net-zero transition. The IEA estimates that over one gigaton of CO2 per year will need to be captured by 2030, scaling up to over six gigatons by 2050.

Olivier Le Peuch, chief executive officer of SLB, highlighted the significance of scaling up CCUS technologies to meet global net-zero ambitions. He emphasised the importance of lowering capture costs, which often account for a significant portion of the total expenditure of a CCUS project. Le Peuch expressed excitement about partnering with ACC to accelerate the deployment of carbon capture technologies across high-emitting industrial sectors.

As part of the agreement, SLB will pay NOK 4.12 billion to acquire 80 percent of Aker Carbon Capture Holding AS, which holds the business of ACC. Additionally, SLB may make further payments of up to NOK 1.36 billion over the next three years based on the performance of the business.

The transaction is contingent upon regulatory approvals and is anticipated to close by the end of the second quarter of 2024.

For more information visit www.slb.com