Exxon Mobil and Neptune Energy are among those who have today signed an agreement to progress a large-scale CCS project in the North Sea.
Rosewood Exploration and EBN Capital also put pen to paper on the L10 carbon capture and storage project in the Dutch sector.
L10 has potential to store 4-5 million tonnes of CO2 per year, with a concept selection expected this year, ready for front-end engineering design (FEED) by year-end.
The partners will then submit a carbon storage licence application.
Exploratory discussions are underway with industrial emitters ahead of an upcoming funding round with the Dutch government.
If developed, Neptune said the project would be one of the largest CCS facilities in the Dutch North Sea and could meet more than 50% of the CO2 reduction targeted by the Dutch industrial sector.
Lex de Groot, Neptune Energy managing director in the Netherlands, said: “CCS is crucial for achieving the Dutch climate goals for 2030.
“This Cooperation Agreement is a significant step in the development of the Neptune-operated L10 project which supports our strategy to go beyond net zero and store more carbon than is emitted from our operations, scope 1, and sold products, scope 3, by 2030.
“After the successful feasibility study, we can now combine our knowledge in the field of CCS with these parties. This next important step will enable us to jointly develop one of the largest CCS facilities in the North Sea.
“The reuse of our existing infrastructure means that, together, we can help achieve the climate goals, but also ensure this part of the energy transition becomes cleaner, cheaper and faster.”
Neptune Energy has previously said it seeks to go “beyond net zero” – storing more carbon than it emits from its operations and the products it sells – by 2030.
The operator said its plans for two carbon capture and storage sites (CCS) – DelpHYnus in the UK and L10 in the Netherlands – could see it store nine million tonnes of CO2 annually by the end of the decade, which would exceed its direct emissions (Scope 1) and emissions from its products (Scope 3).
Dan Ammann, president of Exxon Mobil’s low carbon solutions business, said: “Exxon Mobil welcomes the opportunity to collaborate with industry and the government in support of the L10 carbon capture and storage project.
“Carbon capture and storage is a proven, ready-to-deploy technology that can help reduce emissions in some of the highest-emitting sectors and advance society’s net-zero goals.”