Wintershall Dea has acquired a 10% stake in the Poseidon CCS project, making it the second CCS project it has a hand in within the UK
The company joined the ‘Poseidon’ CCS project after acquiring a ten per cent stake in the licence from Carbon Catalyst.
The carbon storage licence is located in the UK Southern North Sea, about 40 miles off the coast from Bacton in the county of Norfolk.
The licence was awarded to Perenco and Carbon Catalyst as part of the UK’s first CO2 storage licensing round.
Perenco is the designated operator of the project, while Carbon Catalyst and Wintershall Dea will now hold non-operated positions in it.
Hugo Dijkgraaf, chief technology officer and executive board member at Wintershall Dea, said: “We are proud to expand our presence in the country and contribute to the UK’s efforts in achieving a net-zero future.
“Through our involvement in this project, we are further growing our expertise in the CCS field and reconfirming our efforts to decarbonise European industries.”
Poseidon is set to be operational by 2029, with a total annual storage capacity of up to 40 million tonnes in its full development stage.
The project is expected to connect a wide range of CO2 emitters across the East and Southeast of England and has the potential to significantly decarbonise the area, says Wintershall Dea.
The CO2 is planned to be transported via the Perenco-operated Bacton Gas Terminal to the offshore Poseidon storage site.
Fergus Marcroft, executive director at Carbon Catalyst, commented: “CCL is delighted to welcome Wintershall Dea to the Poseidon CCS project.
“Wintershall Dea brings considerable relevant experience to the project, not least its experience of the Greensands CCS project in Denmark which earlier this year performed the first cross-border CO2 injectivity test.”
In total, Wintershall Dea has stakes in five offshore CCS licences in three North Sea countries.
Furthermore, with the two projects BlueHyNow and CO2nnectNow, Wintershall Dea contributes to the ENERGY HUB Wilhelmshaven on the German North Sea coast.
Together with Equinor, the company plans to develop the NOR-GE pipeline to connect continental European industry clusters and suitable CO2 storage sites in the North Sea.