Poland’s energy giant, Orlen, has announced that it will be reducing the anticipated capacity of its carbon capture and storage (CCS) project Polaris in Norway.
Initially, the company had projected a storage capacity of between 2 and 6 million metric tons of carbon dioxide per year.
However, recent geological assessments have indicated that the actual potential is more likely to be at the lower end of this range.
Despite this setback, Orlen remains committed to developing its CCS operations and has set a target of reaching a storage capacity of 3 million tons annually by 2030.
The company is currently exploring other CCS projects and initiatives that align with its strategic goals.
Following Orlen ‘s decision to withdraw from the Polaris project, the project’s owner, Horisont Energi, has stated that it is exploring alternative strategies to move the project forward.
Relevant: Horisont Energi Sells PGNiG Upstream Norway 50% Interest In Polaris
These include ongoing discussions with Norwegian energy authorities and potential new partnerships.
In a joint statement, Horisont Energi‘s co-CEOs, Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad, emphasized the project’s technical feasibility and reservoir capacity.
“Horisont Energi will now consider the options of how to bring the Polaris project forward as a competitive alternative for the Barents Blue Project” they said.
Read more: PGNiG Upstream Norway Greenlit As Operator For Polaris Carbon Storage Project
