Business
EnQuest awarded offer of carbon storage licences
EnQuest awarded offer of carbon storage licences.
About this update from Enquest Plc
[{"type":"text","content":"\n\n \nEnQuest PLC, 18 May 2023\n \nEnQuest PLC awarded offer of carbon storage licences\n \n \nEnQuest is pleased to announce that it has successfully secured the offer of carbon storage licences as part of the first round of UK carbon sequestration licences issued by the North Sea Transition Authority ('NSTA').\n \nThe successful licence offers are within application areas known as Northern North Sea 1 and Northern North Sea 2. These are some 99 miles northeast of Shetland and include fields currently operated by EnQuest, the Magnus and Thistle fields, as well as the non-operated Tern and Eider fields. These sites are large, well characterised deep storage formations connected by significant existing infrastructure to the Sullom Voe Terminal ('SVT') in Shetland. EnQuest plans to have carbon dioxide ('CO2') shipped to SVT in liquid form and then utilise the existing jetties at the terminal before being transported via the existing East of Shetland pipeline for injection and permanent storage offshore. The flexibility afforded by a shipped solution for carbon storage is expected to enable a service to be provided to isolated emitter clusters in the UK, Europe and further afield who may not otherwise be able to access storage infrastructure.\n \nCommenting on the offer, EnQuest Chief Financial Officer, Salman Malik said: \"We are delighted to have successfully secured the offer of licences to develop our carbon storage business in the North Sea, utilising the Sullom Voe Terminal in Shetland. EnQuest has plans to develop a low-cost carbon megastore that will initially be capable of storing 10 million tonnes of CO2 a year. Our vision is that geological formations in this area will ultimately be capable of permanently storing more than one billion tonnes of CO2. With our comprehensive operational knowledge of the North Sea and our extensive infrastructure operations, EnQuest is uniquely placed to maximise the potential of these geological reservoirs as cost-effective and efficient carbon stores, servicing emitters from Scotland, the rest of the UK, Europe and beyond.\"\n \nEnQuest Chief Executive Officer, Amjad Bseisu added: \"Our initiative presents a significant opportunity to transition oil and gas skillsets, leveraging EnQuest's core capabilities and assets to deliver a just transition for the ...