- SLB has stated that it will combine its carbon capture business with Norway’s Aker Carbon Capture.
- Aker Carbon Capture has a technology to reduce carbon emissions in hard-to-abate sectors.
SLB, an oilfield services provider based in the US, has stated that it will combine its carbon capture business with Norway’s Aker Carbon Capture. The two firms plan to speed up the deployment of carbon capture technologies.
According to SLB Chief Executive Officer Olivier Le Peuch, “We are excited to create this business with ACC (Aker) to accelerate the deployment of carbon capture technologies that will shift the economics of carbon capture across high-emitting industrial sectors.”
Aker Carbon Capture has a technology to reduce carbon emissions in hard-to-abate sectors such as waste incineration, bioenergy, cement and gas-to-power.
Also, SLB, which will own 80 per cent of the combined business, will pay 4.12 billion Norwegian crowns ($381.49 million) in cash for Aker Carbon Capture Holding AS (ACCH), which holds the company of the carbon capture technology provider.
SLB may include additional payments of up to 1.36 billion Norwegian crowns over the next three years based on the performance of the business. Likewise, ACCH will pay $50 million to purchase SLB’s carbon capture business, Aker said in a separate statement.