Baker Hughes and Horisont Energi have entered into a pact for the Polaris carbon storage project off the northern coast of Norway.
Under the MoU, they will explore the development and integration of technologies to minimise the carbon footprint, cost and delivery time of carbon capture, transport and storage (CCTS).
Horisont Energi’s Polaris offshore carbon storage facility is part of its “Barents Blue” project, which is the first global and full-scale carbon neutral “blue” ammonia production plant.
Polaris is expected to have a total carbon storage capacity in excess of 100 million tons, which is equivalent to twice Norway’s annual greenhouse gas emissions.
Currently at the concept phase, the facility is expected to enter the construction phase in the second half of 2022.
As part of its overall goals, Polaris aims to have the lowest carbon storage cost globally, paving the way for profitable CCTS facilities that are not reliant on government support schemes.
“The global carbon technology market is emerging for carbon storage and utilization,” said Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.
“With Baker Hughes, we will scale solutions across the carbon value chain to accelerate the decarbonization of the energy industry.
“Our complementary competencies allow for a strategic partnership for scalable, energy-efficient and flexible technology solutions.”
Uwem Ukpong, executive vice president of regions, alliances and enterprise sales at Baker Hughes, said: “Baker Hughes has a broad and established portfolio of CCTS technology and proven expertise in executing some of the North Sea’s most complex offshore projects.
“We are proud to be partnering with Horisont Energi for new energy frontiers, taking the Polaris carbon storage project from concept to reality.”