Lime Petroleum participates in carbon capture and storage project in Norway
OSLO, November 11, 2021 -Lime Petroleum AS (“Lime“) has reached an agreement with Nautilus Carbon Services AS to participate in the first phase of a larger project involving several other joint project partners, which aims to secure a storage site on the Norwegian continental shelf where CO2 can be injected and in complete safety This project is part of the overall objective of achieving net-zero emissions by 2050.
Phase I of the project will include research and development work to define and describe the methodology and possible locations for a CO2 storage site. At the end, it will then be decided to initiate Phase II, the objective of which is to obtain the allocation of an operating license on the Norwegian continental shelf with a request to the authorities.
Mr. Lars Hübert, Chairman and CEO of Lime, said: “With the acquisition by Lime of a 33.84% stake in the Brage production field, it is timely and opportune for Lime to participate in such a project. which will advance Lime’s ESG * objectives and help the company gain a foothold in the emerging value chain of CSC **. ”
The Net Zero 2050 roadmap describes how rapidly increasing CO2 capture requires the development of geological storage sites. A main assumption to meet the targets by 2050 is that 95 percent of the volume captured must be stored in such geological formations. Technological advancements are expected to reduce the cost of CO2 capture in the near future from power generation (also blue H2 from natural gas), industrial processes, energy from waste and possibly DAC (direct air collection). All these industries generate volumes of CO2 exceeding, by order of magnitude, the Scope 1 emissions of the oil and gas industry.
According to the International Association of Oil and Gas Producers, there are currently 51 existing and operational carbon capture, use and storage (CCUS) facilities in Europe with a target of 50 MTons / year in 2030. The rates injection and storage of ultra-high CO2 are key to achieving the Net Zero 2050 goals. According to the Net Zero goals (IEA, 2021), the overall capture should be around 2 GTons / year in 2030, reaching nearly 6 GTons / year in 2040 and 2050 the total CO2 captured is 7.6 GTons / year.
* ESG: environmental, social and governance
** CCS: carbon capture and storage
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Disclaimer
Lime Petroleum Norway AS published this content on November 12, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on November 12, 2021 09:26:01 AM UTC.