Petrofac acquires UK carbon storage company

Oil and gas facilities service provider has acquired CO2DeepStore.

Established in 2007 in Aberdeen, Scotland, CO2DeepStore is focused on the CO2 geological storage sector of the carbon capture and storage (CCS) market. The executive management team of the business will join Petrofac as part of the agreement.

As part of Petrofac, CO2DeepStore is expected to accelerate its plans for growth and development, while the acquisition represents Petrofac's first step into the low carbon energy sector. There are many synergies between the CO2 transport and storage business and Petrofac's Offshore Engineering & Operations and Energy Developments businesses, Petrofac said. The company claims that the combination of the two organizations establishes a leading development capability for CO2 storage projects, providing a complete storage service for power generators and other CO2 emitters.