Schlumberger (SLB) has recently announced its plans to merge its carbon capture sector with Aker Carbon Capture (ACC). This strategic move aims to facilitate a more significant industrial decarbonization process on a larger scale.
Post-transaction, Schlumberger would have an 80% stake in the merged entity, with Aker Carbon Capture retaining the remaining 20% interest. To secure the deal, Schlumberger will pay NOK 4.12 billion to acquire 80% of Aker Carbon Capture Holding AS (ACCH), the company which manages the ACC business. In addition, the SLB carbon capture venture will be added to the newly combined entity. Depending on the business's performance, Schlumberger may also make further payments of up to NOK 1.36 billion over the coming three years.
The completion of the transaction is contingent on regulatory approvals and is expected by the end of the second quarter in 2024.
The International Energy Agency (IEA) underlines the importance of carbon capture, utilization, and sequestration (CCUS) in achieving net-zero emissions. The IEA estimates the necessity to capture over one gigaton of CO2 annually by 2030, a figure that is projected to increase to over six gigatons by 2050.
