Free translation by: Franyi Sarmiento, Ph.D., Inspenet, June 24, 2022
Neptune Energy, ExxonMobil’s subsidiary XTO Netherlands, Ltd., Rosewood Exploration Ltd. and EBN Capital BV announced the signing of a cooperation agreement to advance the L10 large-scale offshore carbon capture and storage project in the Dutch North Sea.
The agreement brings together the technical and commercial capabilities needed to create a robust carbon storage offering for industrial customers in the Dutch sector. It intends to take the L10 carbon capture and storage development to the concept screening stage in 2022 and have the FEED (feasibility analysis or conceptual planning) project ready by the end of the year, followed by the submission of a storage license application.
Exploratory discussions with industrial issuers from various sectors continue, ahead of the next round of financing requests from the Dutch authorities.
Neptune Energy’s managing director in the Netherlands, Lex de Groot, explained, “CCS (Carbon Capture and Storage) is crucial to achieving the Dutch 2030 climate targets. This cooperation agreement is a significant step in the development of the L10 project operated by Neptune that supports our strategy to go beyond net zero and store more carbon than is emitted by our operations, Scope 1, and products sold, Scope 3, by 2030.
“Following the successful feasibility study, we are now able to combine our expertise in the CCS field with these parties. This next important step will allow us to jointly develop one of the largest CCS facilities in the North Sea. The reuse of our existing infrastructure means that, together, we can help achieve climate targets, but also ensure that this part of the energy transition is cleaner, cheaper and faster,” commented Groot.
This phase of the L10 carbon capture and storage project has the potential to store 4 to 5 million tons ofCO2 annually for industrial customers within depleted gas fields around the L10-A, B and E areas operated by Neptune. It represents the first stage in the potential development of the greater L10 area as a large volumeCO2 storage reservoir.
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