- The oilfield services business is a major contractor on Aramco’s ACCS project.
- State-owned Aramco is one of the most valuable publicly traded companies
John Wood Group has completed the first phase of engineering work on what is expected to be the world’s largest carbon capture and sequestration centre.
The oilfield services business is a major contractor on Aramco’s Accelerated Carbon Capture and Sequestration (ACCS) project near Jubail, Saudi Arabia.
It has designed entirely new dehydration and compression facilities and a major pipeline network, including a carbon dioxide pipeline more than 200 kilometers long.
Big deal: John Wood Group is a major contractor on Aramco’s accelerated carbon capture and sequestration (ACCS) project near Jubail, Saudi Arabia
By 2027, Aramaco wants pipelines to transport 9 million tonnes of emissions per year from its gas plant facilities and from external emitters before sequestering them in terrestrial geological storage.
The state-owned energy giant, one of the most valuable publicly traded companies, seeks to store up to 14 million tonnes of CO2 equivalent annually by 2035.
Craig Shanaghey, CEO of Wood Projects, said: “We are proud to be at the forefront of designing the future of energy by leveraging our 20 years of carbon capture engineering experience to bring the ACCS project to life.”
He added: “It is investments like this world-leading project that can support that progress and make a tangible difference to reducing carbon emissions from heavy industries.”
Wood Group’s announcement comes a few days after it agreed to enter into acquisition talks with Dubai-based engineering firm Sidara.
The company received an offer from Sidara worth around £1.6bn after rejecting three previous takeover bids as they were too low.
Following shareholder feedback, Wood Group decided to collaborate with Sidara to determine whether a concrete offer can be “made on the same financial terms” as the latest proposal.
He added: “There can be no certainty that an offer will be made.” Further announcements will be made as appropriate.’
Headquartered in Aberdeen, Wood Group employs more than 35,000 people in 60 countries providing consulting and engineering services to the energy and materials sectors.
In its latest full-year results, the company reported that it recovered to an operating profit of $38 million thanks to the lack of impairment charges as overall revenue grew 8.7 percent to $5.9 billion.
Wood Group Shares They rose 0.3 per cent to 198.2 pence late on Monday morning and have risen around 48 per cent over the past year.