Carbon capture projects are reported to be making “tangible progress” in the North Sea. The projects aimed at finding ways to reduce CO2 emissions are “helping lay the foundation for broader adoption”, according to financial data and software company FactSet.com.
Carbon capture and storage technology (CCS) is regarded as one of several tools required to achieve the EU's goal of “net zero” emissions by 2050.
BBC News recently reported that Greensands Future, backed by a consortium led by the British multinational chemicals company Ineos, will become the EU's first large-scale offshore CO2 storage site when commercial operations begin in the next few months.
The company’s aim is to capture and store around 400,000 tonnes of CO2 this year, which could rise to eight million tonnes annually by 2030.
The technology has its critics, who warn that it might discourage efforts to cut CO2 emissions. The FactSet, com report says that “ challenges remain, particularly in securing public support and managing high project costs”, but companies are making progress.
It reports that the Sleipner CCS project of the 1990s has demonstrated that carbon storage is viable in the North Sea by scrubbing CO₂ from extracted natural gas and injecting it into the Utsira saline aquifer near the Sleipner field.
“Today, companies are still looking to the North Sea for CO₂ storage solutions, this time with the goal of reducing onshore industry emissions,” it says.
“To achieve this, companies typically negotiate long-term CO₂ offtake agreements to solidify revenue streams, while simultaneously working with various levels of governments to secure grants or loans that address funding gaps,” it says.
It lists companies linked to Norway, Britain, Denmark and the Netherlands that have “taken strong initial steps, with most led by legacy natural gas producers”.
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