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(Sharecast News) - Harbour Energy and BP have signed a deal to develop the Viking carbon capture transportation and storage project in the Humber region of north-east England, using depleted offshore gas fields.
Under the terms of the agreement, Harbour will continue as operator of the project with a 60% interest and BP acquiring a 40% non-operated stake.
Viking has the potential to meet one third of the UK government's target to capture and store up to 30 million tonnes of carbon a year by 2030, Harbour said on Tuesday.
Harbour and BP already share an interest in the Lincolnshire Offshore Gas Gathering System (LOGGS) pipeline which is intended to be repurposed as part of the project, which provides a "low-cost opportunity to connect customers to the depleted Viking gas fields, which recently had their 300 million tonnes of CO2 storage capacity independently verified".
Reporting by Frank Prenesti for Sharecast.com
