Oil and gas services group Petrofac (LON:PFC) has snapped up CO2DeepStore Ltd, a UK-based CO2 storage company, in a deal that represents its first step into the low carbon energy sector. Aberdeen-based CO2DeepStore was set up in 2007 to focus on the CO2 geological storage sector of the carbon capture and storage (CCS) market.
CCS is a rapidly developing sector and involves the capture of CO2 from major emissions sources such as coal and gas fired power generation facilities, LNG and gas processing plants. The resulting CO2 is safely transported and permanently stored deep underground in depleted gas reservoirs or saline aquifers.

There are understood to be many synergies between the CO2 transport and storage business and Petrofac's Offshore Engineering & Operations and Energy Developments businesses. Petroface said the combination of the two organisations would establish a leading development capability for CO2 storage projects, providing a complete storage service for power generators and other CO2 emitters.

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