With the final investment decision, INEOS Energy, Harbour Energy, and the Danish North Sea Fund announced that as the first in the EU, they will begin storing CO2 underground in the North Sea in 2025/2026.
An agreement has been reached between the parties involved in a large-scale CO2 storage project aimed at securing carbon storage in the North Sea. Last year, Project Greensand was the first in the world to demonstrate that safe, cross-border transportation of CO2 for injection into a depleted oil field is possible. The partners behind Project Greensand are taking the next step with a final investment decision (FID) to invest $150 million in commercial agreements across the entire value chain, from CO2 emitters to logistics, storage, and shipping.
This is a breakthrough for CO2 capture and storage. Greensand Future will be the first operational CO2 storage facility in the EU and will contribute to both Denmark’s and the EU’s climate goals.
…said Jim Ratcliffe, Chairman, INEOS.
Furthermore, the goal of Greensand Future is to store up to 400,000 tonnes of CO2 annually in the initial phase, with plans to increase capacity to up to 8 million tonnes annually by 2030. This will contribute to achieving Denmark’s target of climate neutrality by 2045.
The decision was announced at a press conference hosted by Danish Shipping.
Today’s announcement shows that INEOS and Project Greensand are paving the way for what will hopefully become a significant future for offshore CO2 storage in Denmark.
…said Anne H. Steffensen, CEO, Danish Shipping.
Steffensen continued by stating that Danish shipping companies are ready to play a central role in the process, whether it’s transporting CO2 or servicing offshore storage facilities, thereby contributing to establishing Denmark as a key EU hub for CO2 storage.
