Global Infrastructure Partners (GIP), part of BlackRock, has agreed to acquire a 49.99% co-control stake in Eni CCUS Holding, a platform focused on carbon capture, utilisation, and storage (CCUS).

Eni CCUS currently covers the Liverpool Bay and Bacton projects in the UK, the L10 project in the Netherlands, and an option to join the Ravenna CCS project in Italy. The deal also provides potential for future projects based on Eni’s depleted oil and gas fields.

The partnership will accelerate CCUS deployment across Europe, supporting decarbonisation of hard-to-abate sectors such as steel, cement, chemicals, and power generation. Consolidating assets into a dedicated CCUS entity strengthens Eni’s ability to deliver large-scale decarbonisation solutions, while highlighting CCUS as a critical part of the energy transition, which is expected to require more than $100 trillion in investment globally.