By David SachsAbu-Dhabi National Oil Company has bought a 10.1% stake in Storegga, a U.K.-based carbon-capture and storage firm. The UAE state-owned oil-and-gas company, known as Adnoc, said Monday that the deal is part of a $15 billion strategy to invest in decarbonization technology. The investment was part of the fourth funding round for Storegga, a private company that develops storage for industrial carbon dioxide emissions in geological formations. "The funds raised will be used for delivery of ongoing projects and business development activities across the company," Storegga said. Write to David Sachs at david.sachs@wsj.com

Source: Wall Street Journal January 08, 2024 16:48 UTC