https://www.energyvoice.com/otherenergy/225633/oil-majors-commit-to-speeding-up-huge-carbon-capture-project-in-teesside/
[Note that the spending to date has all come from government coffers -
estimated at about 25 million UK pounds, and that in 'CCUS', the U
stands for Usage - meaning the 'captured' carbon dioxide is re-released
in typical uses like enhanced oil recovery. The fund is not dedicated
to this project, it is spread over 3 projects announced so far, and
several more expected in the future.]
Oil majors commit to speeding up huge carbon capture project on Teesside
by Mark Lammey
28/02/2020
A group of oil and gas giants will today announce plans to accelerate a
huge carbon capture, usage and storage (CCUS) project to decarbonise an
industrial area of Teesside.
BP, Eni, Equinor, Shell and Total will work together on the Net Zero
Teesside project, previously known as the Clean Gas Project, harnessing
their experience of CCUS technology.
The companies are members of the Oil and Gas Climate Initiative (OGCI),
a chief executive-led consortium that aims to quicken the industry’s
response to climate change, armed with a $1 billion investment fund.
An extensive impact assessment on the construction phase of the project
estimates an annual gross benefit of up to £450 million for the Teesside
region and the support of up to 5,500 direct jobs.
The project will decarbonise local industry by building a transportation
and storage system to gather industrial CO2, compress it and store it
safely in a reservoir under the North Sea.
In addition, a combined cycle gas turbine (CCGT) facility with carbon
capture technology will provide low carbon power as a complement to
renewable energy sources and underpin the investment in the infrastructure.
Pratima Rangarajan, chief executive of OGCI Climate Investments, said:
“Net Zero Teesside is a demonstration of OGCI’s commitment to
accelerating CCUS on a global scale.
“It’s the anchor project, first ideated at the UK Energy Technologies
Institute (ETI), developed into an industrial carbon cluster within OGCI
Climate Investments and now, the first hub within OGCI’s CCUS
Kickstarter initiative.
“This transfer of ownership to the OGCI consortium is proof of how
OGCI’s initiative is successfully supporting emerging hubs.”
Andy Lane, managing director of Net Zero Teesside, said: “Its
advantageous location, advanced planning stage, the expertise of our
world class project partners and government support for decarbonisation
in the UK mean Net Zero Teesside is uniquely positioned to become the
UK’s first decarbonised cluster.
“The formation of such a powerful partnership led by BP demonstrates the
industry’s commitment to the UK government’s net zero targets. We’re
hugely excited to see Teesside back at the forefront of UK industry and
want the project to progress further.”
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