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May 13, 2022

Equinor and BP secure carbon storage licences offshore UK

The licences comprise four separate carbon storage sites and have an eight year appraisal term.

Britain’s North Sea Transition Authority (NSTA) has awarded two carbon storage (CS) licences to Equinor and BP in the UK Southern North Sea.

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Carbon Capture, Utilization, and Storage (CCUS) has emerged as one of the key technologies set to reduce carbon emissions, proving especially useful in projects where eliminating all process emissions is not possible  As a result, Oil & Gas companies are investing in CCUS projects as part of ongoing strategies to reduce their emission footprint and boost sustainability efforts.   Our recent report, CCUS Strategies in Oil and Gas, reveals that the energy sector accounts for approximately three-quarters of total greenhouse gas emissions and has a key role to play in reducing global warming over the coming decades.   Our report will help you:  
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Located approximately 70km off the coast of Humberside, the licences comprise four separate carbon storage sites at a depth of nearly 1,400m.

Together with the existing licence nearby, held by the Northern Endurance Partnership, the licences have a CO₂ storage potential of up to 23 million tonnes per annum (Mtpa).

The Northern Endurance Partnership is a joint venture between Equinor, BP, National Grid Ventures, Shell, and TotalEnergies.  

The award of the latest licences, which have an eight year appraisal term, marks a step ahead for the country‘s efforts to reach net-zero greenhouse gas emissions by 2050.

During the appraisal term, the licensees are entailed to achieve progress milestones, including undertaking seismic surveys and drilling wells to acquire data, prior to seeking a storage permit.

Equinor Low carbon solutions senior vice-president Grete Tveit said: “These awards of carbon storage licences by the North Sea Transition Authority represents an important next step towards the development of what could be a world-leading carbon capture and storage project, as well as establishing the world’s first net-zero industrial region by 2040.

“Under its Ten Point Plan for a green industrial revolution, the UK government recognised the important role carbon capture and storage will play to achieve the UK’s climate change ambitions.”

Together with the latest awards, a total of six storage licences are active in the UK. The NSTA anticipates the first CO₂ injection from a CS project as soon as 2025.

The UK government aims to reach its carbon capture, usage, and storage target of 20 to 30Mtpa by 2030, and increase it to more than 50Mtpa by 2035.

Earlier this month, Equinor announced that it had agreed to sell its stakes in two oil and gas fields, in the Norwegian North Sea.

Related Companies

Free Report
img

Carbon Capture, Utilization, and Storage set to play key role in reducing global emissions

Carbon Capture, Utilization, and Storage (CCUS) has emerged as one of the key technologies set to reduce carbon emissions, proving especially useful in projects where eliminating all process emissions is not possible  As a result, Oil & Gas companies are investing in CCUS projects as part of ongoing strategies to reduce their emission footprint and boost sustainability efforts.   Our recent report, CCUS Strategies in Oil and Gas, reveals that the energy sector accounts for approximately three-quarters of total greenhouse gas emissions and has a key role to play in reducing global warming over the coming decades.   Our report will help you:  
  • Understand CCUS and its importance in reducing global emissions 
  • Analyze CCUS plant trends 
  • Gain insight from leaders in the Oil & Gas industry on implementation of CCUS projects 
Download the report now to get ahead of this trend and make strategic investments.  
by GlobalData
Enter your details here to receive your free Report.

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