Norwegian company Höegh LNG has partnered with oil major Aker BP to create a fully comprehensive solutions for carbon transport and storage (CCS) for industrial CO₂ emitters in Northern Europe.
The two companies will develop seaborn transportation and injection solutions for CO₂.
As per the agreement, Höegh LNG and Aker BP will combine their expertise, strengths, and technologies to establish CCS value chain including gathering, transporting, and injecting CO₂ for permanent storage in subsea reservoirs.
Höegh LNG said the collaboration will allow it to lead further development of Floating CO₂ Storage Units (FCSO).
These units are expected allow purification and gathering of CO₂ from several emitters in key export hubs.
In a press statement, Höegh LNG said: “Such units will make it possible to offer cost efficient solutions also to smaller emitters that would otherwise not be able to develop solutions on their own. The liquified CO₂ will be transported by CO₂ Shuttle Tankers at low pressure that results in larger transportation capacity and lower CO₂ unit cost due to scale.”
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Aker BP will be responsible to lead the development of offshore injection facilities. It will also identify suitable subsea reservoirs for storage of CO₂.
Höegh LNG CEO Erik Nyheim said: “Höegh LNG welcomes the opportunity to join forces with Aker BP and deliver a large scale, one-stop shop CCS value chain to industrial emitters before 2030. Together we will provide market-leading solutions for decarbonizing at a low unit cost, contributing to the energy transition in Europe.”
Furthermore, Höegh LNG will work with Aker BP to unlock potential new business opportunities for transportation of CO₂ captured from multiple industrial emitters in North-West Europe, and storage within the Norwegian Continental Shelf.
Aker BP CEO Karl Johnny Hersvik said: “We expect CCS to play a key role in the transition to a low-carbon energy future.
“This partnership reflects our ambition to advancing CCS solutions by combining Aker BP’s strengths in subsurface understanding and large-scale project development with Höegh LNG’s technical expertise in the LNG sector.”