Schlumberger JV Lands Carbon Capture Deal In Oslo, Norway: Details
The company plans to deliver a carbon capture solution at its Klemetsrud waste-to-energy facility in Oslo.
The contract includes a carbon capture plant, liquefaction system, temporary storage, and a loading facility at the waste incineration site, along with an intermediate CO2 storage and ship loading system at Oslo harbor.
The project will use SLB Capturi's modularized Just Catch 400 unit, which enables a cost-effective solution by minimizing onsite footprint, installation, and outfitting work.
The plant is expected to capture 350,000 metric tons of CO2 annually, upon operational, which will be transported to the Northern Lights storage facility.
The EPCIC award follows a cost-reduction phase that identified efficiencies, including layout optimization.
The project is part of Longship, Norway's full value-chain CCS initiative. Hafslund Celsio's project is the second carbon capture plant in Longship, with SLB Capturi also delivering the carbon capture plant at Heidelberg Materials' Brevik cement facility in collaboration with Aker Solutions.
Martin S. Lundby, chief executive officer at Hafslund Celsio, stated, 'Our partners bring valuable expertise from large industrial developments both in Norway and internationally. Together, we will construct a carbon capture solution that is expected to be operational by third quarter 2029.'
'This project is a testament to important public and private collaboration to build an industrial value chain for carbon capture and storage. The project will also significantly contribute to reducing emissions and will create value for both industry and society,' added Kjetel Digre, CEO of Aker Solutions.
Last week, SLB, along with Star Energy Geothermal, a subsidiary of Indonesian renewable energy company Barito Renewables, entered into a partnership to boost geothermal technology.
Recently, the company reported better-than-expected fourth-quarter 2024 results, with revenue of $9.28 billion, beating the consensus of $9.18 billion. Adjusted EPS increased 7% to 92 cents, above the consensus of 90 cents.
SLB raised its dividend by 3.6% and initiated $2.3 billion in accelerated share repurchase, boosting shareholder returns.
Investors can gain exposure to the stock via iShares U.S. Oil Equipment & Services ETF (NYSE:IEZ) and VanEck Oil Services ETF (NYSE:OIH).
Price Action: SLB shares are down 0.40% at $42.08 premarket at the last check Monday.
Read Next:Image via Shutterstock.
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