Offshore Technology

SLB, Aker Carbon Capture finalise $380m carbon capture JV

Based in Oslo, the new company is 80% owned by SLB, with Aker Carbon Capture (ACC) holding the remaining 20% stake.

SLB, a US-based oil and gas industry services provider, and Aker Carbon Capture (ACC) have finalised the establishment of their previously announced carbon capture joint venture (JV).

The JV is aimed at advancing carbon capture technologies and supporting industrial decarbonisation efforts.

In March this year, SLB agreed to combine its carbon capture business with that of ACC in a deal valued at approximately Nkr4.12bn ($381.39m).

Based in Oslo, Norway, the newly established company is 80% owned by SLB while the remaining 20% stake is owned by ACC.

The JV will leverage ACC’s carbon capture technologies alongside SLB’s suite of technology solutions to facilitate the scaling up of decarbonisation processes within the industry.

Currently, the JV has seven technology installations under way, collectively capable of capturing one million tonnes of CO₂ annually.

SLB new energy business president Gavin Rennick said: “There is no credible pathway toward net zero without deploying carbon capture and sequestration (CCS) at scale. In the next few decades, many industries that are crucial to our modern world must rapidly adopt CCS to decarbonise. Through the joint venture, we are excited to accelerate disruptive carbon capture technologies globally.”

SLB–Aker Carbon Capture JV CEO Egil Fagerland said: “There is no business as usual in the push toward net zero – we will accelerate decarbonisation today and commercialise innovative technologies for the future.

“We are proud of the carbon capture plants we are delivering across various industries, with each customer being an important front-runner in its segment. Successful project deliveries are paving the way for other emitters to follow.”

Last month, SLB OneSubsea, a collaborative venture between SLB, Aker Solutions and Subsea7, secured a significant contract from Equinor for the second stage of Phase 3 of the North Sea Troll project.

This project, located in the northern North Sea, involves the expansion of the Troll field, with an eight-well development plan that will be integrated into the existing Troll A Condeep platform.