By Jaime Llinares Taboada

Storegga Geotechnologies, Royal Dutch Shell PLC and Harbour Energy PLC said Friday they have signed an agreement for the development of the Acorn CCS and hydrogen project in Scotland.

The companies said they have become equal partners and will develop the carbon-capture and hydrogen project through to final investment decision, construction, operation and beyond.

Acorn is expected to be storing at least 5 million metric tons a year of carbon dioxide by 2030, half the emissions set out in the U.K. Government's targets for 2030.

In addition, Acorn could be reforming North Sea natural gas into hydrogen by the middle of the decade, with associated emissions being captured and stored under the sea.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

April 16, 2021 02:57 ET (06:57 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
Harbour Energy (LSE:HBR)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Harbour Energy Charts.
Harbour Energy (LSE:HBR)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Harbour Energy Charts.