Harbour Energy, Britain's largest oil and gas producer, said on April 11 it has entered into an agreement with BP to develop the Viking CCS transportation and storage project.
Harbour will continue as operator of Viking CCS with a 60% interest, with BP acquiring a 40% non-operated share, the company said in a statement.
The announcement follows the U.K.'s recent decision to launch the "Track 2" cluster sequencing process for carbon capture and storage (CCS), a technology that removes carbon dioxide emissions from the atmosphere and stores it underground.
Efforts to remove carbon dioxide from the atmosphere and put it in underground storage have gained steam across Europe over the past few years as industries and governments seek to reduce emissions to meet their climate goals.
Harbour said the government recognizes Viking CCS as one of the leading transport and storage system contenders for this process, and that a final investment decision on the project is expected in 2024, subject to the outcome of the Track 2 CCS.
Recommended Reading
US Geothermal Sector Gears Up for Commercial Liftoff
2024-04-17 - Experts from the U.S. Department of Energy discuss geothermal energy’s potential following the release of the liftoff report.
Devon Energy Leads $244MM Funding Round for Fervo Energy
2024-02-29 - The funds will finance Fervo Energy’s next phase of growth as it puts to use oil and gas technology and techniques to scale geothermal energy.
Quaise Energy Raises $21MM Toward Deep Geothermal Operations
2024-03-12 - Quaise Energy will utilize a technique to vaporize rock using high-power microwaves to achieve deep geothermal energy globally.
Sinopec Completes Drilling of China’s Deepest Geothermal Well
2024-04-11 - Sinopec said the Fushen-1 Well was drilled to a depth of 5,200 meters.
Sage Geosystems Advances Commercial-scale Energy Storage Facility
2024-05-02 - The 3-megawatt facility in Texas is expected to become the world’s first commercial geopressured geothermal system when it’s commissioned in December.