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Britain takes steps in right direction for offsetting CO2 emissions

Written by Merlin Beyts - ITC DIA Europe on May 22, 2023

Twelve companies have been awarded 20 licenses to develop carbon dioxide (CO2) storage offshore in the United Kingdom. The licenses were awarded by the North Sea Transition Authority (NSTA), which is the government body responsible for overseeing the development of offshore energy projects in the UK.

The awarded companies are Enquest, Neptune Energy, Spirit Energy, Perenco, and Eni. Equinor, Shell, and Centrica also applied for licenses but have not yet been announced as winners.

The licenses will allow the companies to develop and operate CO2 storage projects in the UK North Sea. These projects will use CCS technology to capture CO2 emissions from industrial facilities and store them underground.

CCS is a key technology for the UK to reach its net-zero emissions target by 2050. The technology can help to reduce emissions from power plants, refineries, and other industrial facilities.

The UK government has set a target of storing 20 million to 30 million tonnes of CO2 per year by 2030. The awarded licenses will help the UK to achieve this target.

The development of CO2 storage projects in the UK is a significant step forward in the country’s journey to net-zero emissions. The projects will help to reduce emissions from industrial facilities and contribute to the UK’s goal of becoming a net-zero emissions economy.

Here are some additional details about the awarded licenses:

  • Enquest was awarded four licenses.
  • Neptune Energy was awarded three licenses.
  • Spirit Energy was awarded one license.
  • Perenco was awarded licenses.
  • Eni and Equinor have said they applied, but did not immediately reply to a request for comment.
  • Shell declined to comment.

The licenses are for a variety of sites in the UK North Sea. The sites include depleted oil and gas fields and porous rock formations.

The companies will need to obtain leases and approvals before they can begin injecting CO2 into the storage sites. The NSTA expects the first injection to take place within six years.

The awarded licenses are a significant step forward for the development of CCS in the UK. The projects will help to reduce emissions from industrial facilities and contribute to the UK’s goal of becoming a net-zero emissions economy.

Source: https://www.insurancejournal.com/news/international/2023/05/19/721482.htm

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