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SUMMARY

Existing partners contributed equally to the transaction. [Image: Shell]

By Dale Lunan

North Stream Midstream Partners (NSMP) said December 7 it had acquired a 10% interest in the Acorn carbon capture and storage (CCS) and hydrogen project in the UK.

North Stream acquired its interest equally from Acorn’s existing partners, Storegga Geotechnologies, Shell UK and Harbour Energy. They will each retain a 30% interest in the project alongside NSMP's minority interest.

Based at NSMP’s St Fergus gas terminal in the northeast of Scotland, Acorn CCS will capture and store CO2 from industrial sites throughout the UK, including from NSMP’s terminal and nearby terminals operated by others and produce blue hydrogen.

“We are delighted to be part of Acorn which aligns with our strategy and strengthens our commitment to the energy transition,” NSMP CEO Andy Heppel said. “Our St Fergus site is ideally positioned geographically to host new key Acorn infrastructure and we look forward to working with our Acorn partners as an investor, as well as operating facilities which are critical to the achievement of UK’s net zero ambitions”.