International oil and gas facilities service provider Petrofac said yesterday it had made its first step into the low-carbon energy sector.
It has bought Aberdeen-based carbon dioxide storage company CO DeepStore for an undisclosed sum.
DeepStore was set up in 2007 in Aberdeen and was owned by its four directors Sam Gomersall, Alan James, Stephen Murphy and Ian Phillips.
The four were the only employees and will be joining Petrofac.
DeepStore says on its website that its management sought to ensure the effective capture of CO at major emission sites, such as power stations, cement works and steel plants.
They also wanted to ensure the development and operation of the necessary infrastructure to transport CO from the point of capture to carbon dioxide storage reservoirs.
Petrofac said carbon capture and storage (CCS) is a rapidly-developing sector.
It added that, as part of the group, DeepStore will accelerate its plans for growth and development, while the acquisition represented Petrofac’s first step into the low- carbon energy sector.
The group went on: “There are many synergies between the CO transport and storage business and Petrofac’s offshore engineering and operations and energy developments businesses.
“The combination of the two organisations establishes a leading development capability for CO storage projects, providing a complete storage service for power generators and other CO emitters.”
Alan James, managing director of DeepStore, said: “The combination of Petrofac’s financial strength and development capability, together with our specialist knowledge and experience, will help to position CO DeepStore as the leading carbon dioxide storage project developer in this new sector servicing the requirements of the major emitters who are establishing CCS projects.”
Robin Pinchbeck, Petrofac’s group director for strategy and corporate development, said: “The storage of CO is an important part of the emerging low-carbon energy mix and we are excited about the potential opportunities for our group in this sector. We are very pleased to welcome Alan and his team to Petrofac and look forward to working with them to progress our plans.”
