Horisont Energi Sells PGNiG Upstream Norway 50% Interest In Polaris

Horisont Energi Sells PGNiG Upstream Norway 50% Interest In Polaris - Carbon Herald

Horisont Energi (EURONEXT: HRGI) has signed a Sales and Purchase Agreement (SPA) where PGNiG Upstream Norway AS (PUN) acquires a 50% participating interest in the CO2 exploration license EXL003 Polaris – so that both companies will hold 50% each. The license group has at the same time applied for PUN to be appointed operator.

The effective date of the SPA is 1 December, whereas the completion date will be no later than 31 December 2023. The SPA is subject to approval by Norwegian authorities.

“The Polaris project has the potential to contribute to emission reductions at an industrial scale and is representative of the rapid development of the CCS industry in Norway and Europe. Polaris will also play an integral role in the Barents Blue clean ammonia project,” – says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi

The license group has also submitted an application to the Norwegian authorities for PUN to become the new operator in the license.

Relevant: Horisont Energi, Neptune Energy, and E.ON To Work On EU-focused Carbon Capture Project

“We are embarking on another project aimed at fortifying ORLEN’s standing as a regional leader in the energy transition. CO2 capture and storage will play a pivotal role in delivering the Group’s climate policy, also enabling us to introduce a new carbon management service. With soaring CO2 allowance prices, carbon storage becomes crucial for sustaining the competitiveness of certain industries in Poland and other EU countries.

The growing interest in carbon storage services underscores the significance of today’s transaction, granting the ORLEN Group an interest in the Polaris license in the Barents Sea, designated for carbon dioxide injection. The project will enhance our capabilities and know-how in offshore CO2 storage, a valuable asset that can also be leveraged in Poland,” – said Daniel Obajtek, ORLEN CEO and President of the Management Board.

The application for the Polaris exploration license EXL003 was submitted in 2021, and formally awarded on June 10, 2022.

Read more: Horisont Energi Partners With Fertiberia For Largest Ammonia Facility In Europe

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