SANDNES, Norway – 30 August 2022 – Horisont Energi (EURONEXT: HRGI) and Neptune Energy today announced the signing of a Memorandum of Understanding (MoU) to develop the Errai Carbon Capture and Storage (CCS) project in Norway.
Errai could store 4-8 million tonnes of CO2 annually, with the potential to store more in later phases. The project includes an onshore terminal for intermediate CO2 storage, with the intention to permanently store the CO2 in an offshore reservoir.
The onshore terminal would be capable of receiving CO2 from European and domestic customers, including from the planned CO2 terminal at the Port of Rotterdam. Several onshore locations in Southern Norway are being evaluated for the terminal.
Neptune Energy brings subsurface expertise and extensive carbon capturing and storage experience to the project, having reinjected CO2 in the K12-B gas field in the Dutch North Sea for the last 14 years, as well as being a partner in the Norwegian Snøhvit field, which has been reinjecting CO2 since 2008.
«We are delighted that Neptune Energy chose to work with us on this large-scale industrial CCS project. There is a growing demand for CO2 storage in the market. We believe that this project and our other CCS activities are essential for the net zero transition. »
Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi
“Sharing the vision of carbon neutrality, Neptune is excited to partner up with Horisont Energi. We look forward to leveraging both our oil and gas operations capabilities as well as our significant experience of operating carbon capture and storage activities. Errai complements Neptune’s strategy to store more carbon than is emitted from our operations and from the use of our sold products by 2030.”
Odin Estensen, Neptune Energy’s Managing Director for Norway and the UK
CCS developments are crucial for accelerating the transition to a lower carbon future, and the Errai project can play an important role in this important phase.
The Errai project was initiated by Horisont Energi in 2021.
About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that provides clean energy and carbon transport and storage services. The company will transform natural and renewable gases, water and renewable energy into cost-leading clean ammonia and hydrogen and offer CO2 transportation and storage services using proprietary technology, paving the way for a low carbon economy. The company was founded in 2019 and is headquartered in Sandnes, Norway.
About Neptune Energy
Neptune Energy Norge is an independent global E&P company with operations across Europe, North Africa, and Asia Pacific. The business had production of 130,000 net barrels of oil equivalent per day in 2021 and 2P reserves on 31st December 2021 of 604 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.
More information: www.neptuneenergy.com
For further information, please contact:
Bjørgulf Haukelidsæter Eidesen
+47 990 36 892
+47 470 35 718
Neptune Energy Norge
Liv Jannie Omdal
+47 97 66 71 37