On Friday, the North Sea Transition Authority (NSTA) awarded 14 companies a total of 21 carbon storage licenses in depleted oil and gas reservoirs in the UK.
In doing so, the UK hopes to permanently store nearly 10% of its total greenhouse gas (GHG) emissions in these new locations, which in total cover an area of roughly 12,000 square kilometers (~4,634 square miles).
It is estimated that the new storage sites will be able to hold up to 30 million metric tons of carbon dioxide per year by the end of the decade, which is just under a tenth of the nation’s annual emission in 2021.
Part of the storage sites are located off the coast of Norfolk and may potentially become part of the Bacton Energy Hub, which is a project that includes hydrogen, offshore wind power and carbon storage.
Other storage sites include depleted reservoirs and saline aquifers off the coasts of Teesside, Liverpool, and Aberdeen.
As for the companies that have accepted the carbon storage licenses, these include fossil fuel giants ENI, Shell, BP, Perenco and Neptune Energy.
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Other companies in the list are Pale Blue Dot Energy (subsidiary of Storegga), Spirit Energy Production UK, EnQuest, Synergia Energy, and Chrysaor Production UK.
“Carbon storage will play a crucial role in the energy transition, storing carbon dioxide deep under the seabed and playing a key role in hydrogen production and energy hubs,” said Stuart Payne, Chief Executive of NSTA.
Payne also expressed his excitement to have completed the first round of carbon storage license awards, particularly as it is estimated that as many as 100 carbon storage licenses will be required for the UK to meet net zero goals.
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