Post-Combustion Capture Projects, SLB’s 400, 000 Tonne Hafslund Celsio Contract, 500, 000 Tonne Ørsted Deal, and 4 Agreements (2025)

Commercial-Scale Projects: SLB Deploys Over 1.4 M Tonnes of Annual Capacity in 2025

In 2025, SLB transitioned its CCUS strategy from planning and joint venture formation to tangible, commercial-scale project execution, validating its modular technology approach across several hard-to-abate European industries. This shift is marked by the commissioning of its first modular plant and the securing of major contracts for facilities with an aggregate capture capacity exceeding 1.4 million tonnes per year.

• Between 2021 and 2024, SLB’s activity was characterized by strategic positioning, including the formation of the SLB Capturi joint venture with Aker Carbon Capture. The focus was on technology development and establishing a framework for market entry.
• The year 2025 marked a critical inflection point with the commissioning of the first 100, 000 metric tons per year modular ‘Just Catch™’ plant at the Twence waste-to-energy facility in the Netherlands in January 2025. This provided the first commercial proof point for the technology’s application.
• This momentum accelerated with the award of a major Engineering, Procurement, Construction, Installation & Commissioning (EPCIC) contract for the Hafslund Celsio waste-to-energy plant in Oslo, designed to capture 400, 000 metric tons of CO₂ per year.
• Further validation came from the installation of major components for a 500, 000 metric tons per year project at the [Ørsted] Kalundborg CO 2 Hub in Denmark and the operational start of the 400, 000 tonnes per year Heidelberg Materials Brevik cement plant, part of Norway’s Longship project.

Power and Oil & Gas Dominate CCS Market

This chart specifies the dominant end-use industries for CCS, providing context for the types of commercial-scale projects SLB is deploying its 1.4 M tonnes of capacity into.

(Source: Global Market Insights)

$500 M CAPEX Benchmark: SLB Navigates Project Financing and 45 Q Credits

While SLB has successfully secured major contracts, the underlying financial viability of these projects hinges on navigating high capital costs and leveraging robust government incentives. The market context in 2025 shows that while typical project CAPEX remains a significant hurdle, policy mechanisms like the U.S. 45 Q tax credit provide a clear financial pathway for project deployment.

• Industry benchmarks in 2025 place the capital expenditure for a 1 million tonne per annum (Mtpa) Carbon Capture project at approximately $500 million, with annual operating expenses around 5% of CAPEX. This cost structure makes government support essential for final investment decisions.
• SLB’s modular ‘Just Catch’ technology, with standardized units of 100, 000 tonnes per year capacity, is designed to mitigate these costs by reducing engineering complexity and construction timelines, a strategy validated by the deployment at multiple European sites in 2025.
• In the U.S., the “One Big Beautiful Bill Act” passed in July 2025 solidified crucial financial support, increasing the Section 45 Q tax credit to $85 per ton for point-source capture and $180 per ton for Direct Air Capture. This policy directly improves the bankability of projects using SLB’s technology in North America.
• The commercial viability of this model was further demonstrated by offtake agreements enabled by SLB Capturi technology, such as the 450, 000-metric ton deal between CO 280 and JPMorgan Chase at a price under $200 per ton, de-risking project revenue streams.

Low-Carbon Production Costs Analyzed for 2024

This chart’s focus on production costs directly relates to the section’s discussion of CAPEX benchmarks and project financing, providing a financial backdrop for SLB’s investments.

(Source: SLB)

Table: SLB Investment and Financial Context (2025)

SLB 4 Major Partnerships, from JGC Holdings to Aker Solutions (2025)

SLB’s market penetration in 2025 was driven by a network of strategic partnerships that combined its technology with the project delivery expertise of established engineering firms and the market access of industrial clients. These collaborations were instrumental in securing contracts and executing complex, large-scale decarbonization projects.

• In October 2025, SLB Capturi signed a Memorandum of Understanding (Mo U) with JGC Holdings Corporation. This alliance is designed to facilitate expansion into high-growth industrial markets in Asia and the Middle East, leveraging JGC’s regional engineering and construction capabilities.
• A crucial operational partnership with Aker Solutions was solidified in January 2025 through the joint award of the EPCIC contract for the Hafslund Celsio project. This arrangement combines SLB’s capture technology with Aker’s proficiency in delivering large-scale energy infrastructure.
• The ownership structure of the SLB Capturi joint venture was clarified in May 2025 when Aker Carbon Capture divested its 20% stake to its parent, Aker ASA. This move streamlined Aker Carbon Capture’s balance sheet while keeping the partnership within the Aker group, ensuring continuity for SLB.
• SLB’s technology served as an enabler for its partners’ commercial deals, demonstrated when Hafslund Celsio secured a 10-year carbon removal offtake agreement with Microsoft in July 2025, building a viable business case on the foundation of the SLB Capturi plant.

CCUS Market Valued at $6.74B in 2025

This chart quantifies the market size for 2025, highlighting the financial stakes and strategic importance of the major partnerships discussed in the section.

(Source: Evolvance Market Research)

Table: SLB Carbon Capture Partnerships (2025)

Europe vs. US: SLB Secures Dominance with Norwegian and Danish Projects

In 2025, SLB’s carbon capture initiatives were heavily concentrated in Europe, where supportive policy frameworks and ambitious national decarbonization targets created a fertile ground for commercial-scale project deployment. This regional focus allowed the company to establish a dominant market position and create a portfolio of reference projects before a wider global expansion.

• Prior to 2025, much of the global CCUS activity was focused on pilot projects or linked to enhanced oil recovery in the U.S. The 2021-2024 period saw Europe lay the groundwork for full-chain industrial decarbonization.
• In 2025, Norway and Denmark emerged as key geographies for SLB. The company’s technology is central to projects at Hafslund Celsio (Norway), the Ørsted Kalundborg CO 2 Hub (Denmark), and the operational Twence facility (Netherlands), making Northern Europe its primary market.
• The success in Europe is directly tied to strong government backing, such as the 20-year subsidy contract from the Danish Energy Agency for the Ørsted project, which provides the long-term revenue certainty needed for such capital-intensive builds. This creates an environment ripe for EU Carbon Capture investment.
• While Europe was the focus of execution in 2025, strategic moves like the JGC Mo U for Asia and technology partnerships with U.S. firms like CO 280 signal that SLB is using its European success as a springboard for entry into the North American and Asian markets, where policy support is also strengthening.

US Carbon Capture Market Projects Strong Growth

The chart’s focus on the US market directly supports the section’s comparative analysis of SLB’s project activities in Europe versus the United States.

(Source: Precedence Research)

TRL 9 Achieved: SLB Validates ‘Just Catch’ Technology at Commercial Scale in 2025

SLB achieved full commercial validation for its modular post-combustion capture technology in 2025, moving it from a promising concept to a proven, bankable solution. The commissioning of the Twence plant and the securing of multiple large-scale contracts confirmed a Technology Readiness Level (TRL) of 9, signifying its availability for immediate, widespread industrial deployment.

• During the 2021-2024 period, the technology, inherited through the joint venture with Aker Carbon Capture, was proven at smaller scales but had yet to be deployed in a fully modular, commercial plant under the SLB Capturi brand.
• The pivotal moment occurred in January 2025, when the ‘Just Catch™’ modular plant at the Twence waste-to-energy facility was successfully commissioned and handed over. This project served as the definitive real-world validation of the standardized, skid-based design.
• The technology is based on a proprietary, patent-protected portfolio of amine solvents that are designed to be more HSE-friendly than some traditional solvents, which addresses a key market concern for chemical-based capture processes.
• The subsequent contracts for the Hafslund Celsio and Ørsted projects, involving multiple ‘Just Catch 100™’ units, demonstrated the technology’s scalability and confirmed market confidence in its reliability for large-scale applications targeting operations by 2026.

Carbon Sorbent Market Poised for Major Growth

As sorbents are a key component of capture technologies like ‘Just Catch’, this chart’s growth projection for the sorbent market underscores the commercial significance of achieving TRL 9.

(Source: Transparency Market Research)

SWOT Analysis: SLB Market Positioning and Expansion Risks (2025)

SLB’s strategic pivot in 2025 successfully established it as a leader in the industrial decarbonization market by combining proven technology with an integrated service model. This positions the company to capitalize on significant market growth, though it remains exposed to the financial and policy risks inherent in the capital-intensive CCUS sector.

• Strengths were validated through the successful deployment of modular technology and the launch of the end-to-end Sequestri platform.
• Weaknesses are tied to the broader market’s high capital costs, making projects heavily reliant on government subsidies and policy stability.
• Opportunities are materializing through expansion into new geographies like Asia and the ability to enable large voluntary carbon market deals.
• Threats include potential shifts in government policy and competition from other technology providers in a rapidly growing market.

CCUS Market Forecasts Strong Growth to 2035

A strong market growth forecast provides the essential backdrop for a SWOT analysis, directly informing the ‘Opportunities’ for market expansion and the competitive landscape.

(Source: Evolvance Market Research)

Table: SWOT Analysis for SLB Carbon Capture Initiatives

SLB Global Expansion: Watch JGC Mo U for Asia Market Entry Signals

The single most critical development to watch for SLB is the conversion of its strategic expansion plans, particularly the Mo U with JGC Holdings, into tangible project awards in Asia and the Middle East. Success in these new regions will determine if SLB can transform its European dominance into a truly global leadership position in industrial decarbonization.

• If SLB Capturi and JGC Holdings announce a first front-end engineering and design (FEED) study or a firm contract for a capture plant in a market like Japan, South Korea, or Saudi Arabia, it will validate the global expansion strategy outlined in their October 2025 agreement.
• Watch for the market adoption rate of the new Sequestri platform. The announcement of a first major storage project developed entirely using the Sequestri integrated solution would signal that SLB is successfully capturing value across the full CCUS chain, beyond just technology sales.
• These could be happening: Following the finalization of new 45 Q guidance in the U.S. in December 2025, competitors and partners may accelerate final investment decisions on U.S. projects. Watch for announcements of new capture facilities at pulp and paper mills or other industrial sites leveraging SLB’s technology in partnership with firms like CO 280.

Carbon Capture Market to Exceed $18B by 2034

This chart illustrates the significant future size of the global market, providing the overarching rationale for SLB’s global expansion strategy and its focus on Asia market entry.

(Source: Precedence Research)

The questions your competitors are already asking

This report covers one angle of SLB’s carbon capture commercialization. The questions that matter most depend on your work.

• Which companies are gaining or losing ground in the post-combustion capture market for European heavy industry?
• What is the status of SLB’s 400,000 tonne Hafslund Celsio and 500,000 tonne Ørsted projects since the initial agreements?
• How does SLB’s ‘Just Catch™’ modular technology compare to traditional, stick-built amine plants for cost and deployment speed?
• Beyond waste-to-energy, which industrial operators, such as cement or steel, are adopting modular carbon capture solutions?

This report does not answer these. Enki Brief Pro does.

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