North Sea Oil Producers Progress Offshore Carbon Storage Scheme
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Neptune Energy, XTO Netherlands (a subsidiary of ExxonMobil), Rosewood Exploration and EBN capital have announced an agreement to advance a large-scale offshore carbon capture and storage project in the Dutch North Sea.
This stage of the project expects to store 4-5 million tonnes of CO2 annually within depleted gas fields operated by Neptune Energy in the North Sea.
It’s the first stage in the development of the L10 area that aims to develop the site as a large-volume C02 storage reservoir for industrial customers.
“CCS is crucial for achieving the Dutch climate goals for 2030. This Cooperation Agreement is a significant step in the development of the Neptune-operated L10 project which supports our strategy to go beyond net zero and store more carbon than is emitted from our operations, scope 1, and sold products, scope 3, by 2030,” said Neptune Energy’s Managing Director in the Netherlands, Lex de Groot in a written statement about the agreement.
The cooperation agreement aims to leverage the expertise of the different companies.
Lead partner Neptune Energy, for instance, has previously carried out a 14-year project to reinject CO2 into the gas field on its K12-B offshore platform, according to Gas World.
“ExxonMobil welcomes the opportunity to collaborate with industry and the government in support of the L10 carbon capture and storage project,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions. “Carbon capture and storage is a proven, ready-to-deploy technology that can help reduce emissions in some of the highest-emitting sectors and advance society’s net-zero goals.”
Some environmentalists are opposed to advancing CCS schemes, arguing that they are expensive and merely prolong our dependence upon fossil fuels.
Proponents of the schemes, however, contend that they represent a rapid and pragmatic way to reduce carbon emissions in hard to decarbonize parts of the economy.
The project is expected to be ready for front-end engineering design by the end of the year.
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