Storegga signs first customer MoU for Direct Air Capture with Petrofac

Storegga Geotechnologies

(“Storegga” OR “The Company”)

Storegga signs first customer MoU for Direct Air Capture with Petrofac

22 July 2021, London: Storegga, the independent UK company pioneering carbon reduction and removal for a net zero world, is pleased to announce that Petrofac is the first company to sign a Memorandum of Understanding (“MOU”) as a customer for the Company’s proposed UK-based, large scale Direct Air Capture (“DAC”) facility. Petrofac has committed to purchase the permanent removal of carbon dioxide from the atmosphere at the facility

The signing of the MOU not only demonstrates the commercial interest in DAC technology in combination with geological storage, but also highlights the importance of negative emissions technology as a tool to meet the UK’s climate goals.

Storegga and its partner, Carbon Engineering, a leading DAC provider and developer of the technology, have commenced preliminary engineering and design of the proposed UK facility. Under its Technical Delivery Alliance with Storegga, Petrofac is supporting this Pre-Front End Engineering and Design (“Pre-FEED”) phase.

The facility aims to permanently remove one million tonnes of carbon dioxide from the atmosphere annually. Targeted for North-East Scotland, the proposed facility will be the first large-scale facility of its kind in Europe. The partners are targeting first operations for 2026.

DAC technology, when combined with secure geological storage, delivers the permanent and verifiable removal of carbon dioxide from the air, reversing the emissions process. DAC is a high quality, technological solution for greenhouse gas removal that can be scaled to meet demand, with very low land and water use. For sectors of the economy that are currently challenging to decarbonise directly, such as aviation, shipping, and oil and gas, this form of greenhouse gas removal provides an effective way to address their carbon footprint and achieve net zero targets. It also delivers a mechanism to eliminate emissions from the past, and as a tool towards achieving full climate restoration.

Nick Cooper, CEO Storegga said:

“It is terrific to have Petrofac stepping up and becoming the first customer for our DAC facility in North-East Scotland. This MoU illustrates the commercial viability of DAC for customers and is a key step in delivering the UK and Europe’s first large-scale DAC.

“Petrofac’s appetite to become an early DAC customer speaks volumes for their commitment to climate leadership. We are also progressing multiple other parties with similar ambitions and anticipate further announcements as the DAC project continues to accelerate.” 

John Pearson, COO Petrofac, said:

“As well as drawing on our engineering experience to support the design and initial engineering of this project, and other low carbon initiatives like it, Petrofac is committed to decarbonising its own operations, and those of our supply chain. DAC provides a high quality, permanent solution for the removal of CO₂, which will support wider strategies for reducing our carbon footprint in line with our target to reach net zero by 2030 or sooner.”

ENDS

For further information please contact:

Camarco (PR and Media) Monique Perks, Tom Huddart, Billy Clegg, Emily Hall	020 3757 4983
Madano (Public Affairs) Andrew Turner, Neil Stockley, James Watson	07702 962043

 Notes to Editors:

Storegga

Storegga is an independent, UK-based carbon management business at the forefront of the global Net Zero strategy. It aims to champion and deliver carbon capture and storage (“CCS”), hydrogen, and other subsurface renewable projects in the UK and internationally to accelerate carbon emission reductions.

Through its wholly owned subsidiary, Pale Blue Dot Energy, Storegga is the lead developer of the Acorn Carbon Capture and Storage (“CCS”) and Hydrogen project, providing essential infrastructure to help the UK meet its net zero targets.

The Acorn Project will provide critical backbone infrastructure for the Scottish Cluster. The Scottish Cluster unites communities, industries and businesses to deliver CCS, hydrogen and other low carbon technologies, supporting Scotland, the UK and Europe to meet net zero goals.

Storegga has partnered with leading engineering and technology groups at the forefront of their fields to accelerate infrastructure development. The Company has partnered with Carbon Engineering to develop Direct Air Capture (“DAC”) in the UK.

Storegga:(https://www.storegga.earth/)

For more information on Storegga, Pale Blue Dot or Acorn contact storegga_media@camarco.co.uk or 020 3757 4980

For more information on the Acorn CCS and Hydrogen Project, please visit: About Acorn – Acorn CCS - https://theacornproject.uk/about/

Petrofac

Petrofac is a leading international service provider to the energy industry, with a diverse client portfolio including many of the world’s leading energy companies.

Petrofac designs, builds, manages and maintains oil, gas, refining, petrochemicals and renewable energy infrastructure. Our purpose is to enable our clients to meet the world’s evolving energy needs.

Petrofac’s core markets are in the Middle East and North Africa (MENA) region and the UK North Sea, where we have built a long and successful track record of safe, reliable and innovative execution, underpinned by a cost effective and local delivery model with a strong focus on in-country value. We operate in several other significant markets, including India, South East Asia and the United States. We have 9,400 employees based across 31 offices globally.

Petrofac is quoted on the London Stock Exchange (symbol: PFC).

For additional information, please refer to the Petrofac website at www.petrofac.com