Gas production company Synergia Energy saw a 13% rise in shares – from 0,02p to 0,15p (USD 0.025 to 0.19) following a successful application in the first North Sea Transition Authority (NTSA) CO2 storage licensing round.
Synergia Energy applied for the license together with the German group Wintershall Dea, and the two companies will operate as a 50/50 joint venture.
According to Synergia, the storage license is a major milestone for the Medway Hub CCS project. The project will capture and transport carbon emissions from coastal Combined-Cycle Gas Turbine power stations. These emissions will be converted into a liquid form and transported via marine tankers to a floating vessel called a FISO (Floating, Storage, and Offloading).
The carbon will then be injected into depleted gas fields and saline aquifers in the UK Continental Shelf for permanent sequestration.
The following steps in the project include an appraisal phase (seismic reprocessing, technical evaluations, and risk assessment), and a design study that could lead to a storage license application in 2028 after the final investment decision.
The first carbon injection is projected to happen in 2032.
“Synergia is delighted to have Wintershall Dea as partners in the Medway Hub CCS project given Wintershall Dea’s significant involvement in CCS projects in Norway and Denmark,” said Synergia’s chief executive Roland Wessel.