This week, Harbour Energy announced it is teaming up with British oil and gas multinational BP on the Viking carbon capture project in the UK.
Harbour Energy, also a UK fossil fuels manufacturer, will continue to act as the operator of the Viking carbon capture and storage (CCS) facility, with a 60% interest.
In turn, BP will enter the project by purchasing a 40% non-operated share.
The Viking CCS project is of critical meaning to the UK’s climate objectives, as it is said to be able to capture a third of the government’s CO2 target by 2030.
Namely, the UK has set out to capture and store some 30 million metric tons of carbon dioxide before the end of the decade, of which the Viking CCS project should be able to capture and store 10 million tons by 2030.
The final investment decision for the project is expected to be made in 2024, whereas the project itself is scheduled to become operational by 2027.
As part of its infrastructure, the Viking CCS project has a 55-kilometer (~34.2 miles) pipeline, which will be used for the transport of the captured CO2 emissions from Immingham to what used to be the Theddlethorpe gas terminal.
From the terminal, the pipeline will join another offshore pipeline that already exists and will go towards the Viking area in the North Sea and the injection site of the CO2.
The emissions will be injected in depleted gas reservoirs deep below the surface for permanent storage.
Not only does the Viking CCS project hold immense potential for the nation’s decarbonization efforts, it will also potentially unlock up to £7 billion ($8.67 billion) of investment over the coming decade, according to Harbour Energy, especially now that BP has also joined the project.