Integrated marine geophysics company PGS and deepC Store Limited (dCS), a commercial scale Carbon Capture and Storage (CCS) project developer and operator, have entered into a Subscription Agreement on July 15. According to the agreement, PGS will receive shares in exchange for providing geological and geophysical advisory services. The two companies will also look into further opportunities for collaboration on joint Carbon Capture and Storage (CCS) projects in the Asia Pacific region.
Following the agreement, PGS will become a major shareholder in dCS. dCS – which is pursuing greenhouse gas storage acreage – was recently awarded A$5 million (US$3,410,275) by the Australian government to scale its efforts to begin preliminary FEED on the first offshore floating CCS project CStore1.
“We are pleased to welcome PGS as our new shareholder,” says Jack Sato, Chairman of dCS. “Participation of the leading company in marine geophysics industry further endorses dCS’s business model and development of CStore1. Further, this valued partnership demonstrates our commitment to develop a leading CCS business in the Asia Pacific region. ”
PGS ASA and its subsidiary companies operate globally, supporting the energy industry, offshore renewables and CO2 storage. PGS is headquartered in Oslo, Norway, and the company is listed on the Oslo stock exchange.
dCS ideates, develops, and operates several commercial scale CCS projects aimed at tackling climate change by generating material quantities of carbon credits for the company’s clients. The Australia-based CCS project developer and operator has established partnerships with Japanese energy and shipping companies, global tier one Engineering, Procurement and Construction, lease and operate companies, CO2 emitters, and research institutions. dCS’ CCS projects offer an integrated end-to-end emissions reduction solution for companies from an array of CO2 emitting industries, including energy, mining, power generation, steel and concrete manufacturing.