STOREGGA, Shell and Harbour Energy have become equal partners in an Aberdeenshire carbon, capture and storage (CCS) project.
All three firms will develop the Acorn project through to final investment decision (FID), construction, operation and beyond.
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Acorn, which is based at the St Fergus gas terminal near Peterhead and due to become operational in the mid-2020s, is exploring using existing oil and gas infrastructure to inject CO2 into depleted gas reservoirs under the North sea.
Storegga had previously been the lead developer on the project through its wholly owned subsidiary, Pale Blue Dot.
Nick Cooper, Storegga chief executive officer, said: “Safely and securely managing and removing the emissions of industry and society is our core business, this agreement cements our relationship with our industry partners, Shell and Harbour Energy, and allows us to look forward with confidence to the next few years as we race to tackle climate change in a way that’s sustainable, cost efficient and deliverable.”
By 2030, Acorn is predicted to be storing at least 5Mt/yr of CO₂ by 2030, half the CO2 emissions set out in the UK Government’s Ten Point Plan for a green Industrial Revolution by 2030.
Commenting on the agreement, Steve Phimister, Shell UK’s Upstream director, said: “Shell seeks to have access to 25 million tonnes a year of carbon capture and storage capacity by 2035.
“We have large scale projects being developed in Australia and Norway, and a facility in Canada already capturing 1 million tonnes per year. But to reach net zero the world needs much more CCS capacity.
“The Acorn project is an exciting vision for how we could help deliver that for Scotland and the UK.”
Phil Kirk, Harbour Energy’s Group president and chief executive officer Europe, said: “Investing in carbon capture and storage initiatives is part of Harbour Energy’s commitment to a low carbon future and attaining our operational goal of Net Zero by 2035.
“We are delighted to continue working in partnership with Pale Blue Dot Energy and Shell on what is an important catalyst project for supporting decarbonisation of this region.”
