A deal that aims to advance carbon capture and storage (CCS) in the Dutch North Sea was signed today (20th June) through a Cooperation Agreement.
The agreement aims to take the L10 CCS development to the concept select stage and have the project FEED-ready by the end of the year (2022).
Neptune Energy, ExxonMobil Subsidiary XTO Netherlands, Ltd., Rosewood Exploration Ltd., and EBN Capital B.V. intend to combine their respective expertise within the energy industry to develop the L10 project.
Stating that CCS is crucial for achieving Dutch climate goals for 2030, Lex de Groot, Managing Director in the Netherlands, Neptune Energy, added, “This next important step will enable us to jointly develop one of the largest CCS facilities in the North Sea.”
The project has the potential to safely store 120-150m tonnes of carbon dioxide (CO2) and could enable the production of lower-cost, low-carbon hydrogen.
Lead partner Neptune has previously carried out a 14-year project on its K12-B platform offshore the Netherlands, reinjecting CO2 into the gas field.
Supporting the project, energy giant ExxonMobil claims that it has cumulatively captured more CO2 than any other company – 120m metric tonnes.
“CCS is a proven, ready-to-deploy technology that can help reduce emissions in some of the highest-emitting sectors and advance society’s net-zero goals,” commented Dan Ammann, President, ExxonMobil Low Carbon Solutions.
The current stage of the project has the potential to store 4-5m tonnes of CO2 per year.