EnQuest PLC EnQuest awarded offer of carbon storage licences (9315Z)
18 Mayo 2023 - 8:30AM
UK Regulatory
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RNS Number : 9315Z
EnQuest PLC
18 May 2023
EnQuest PLC, 18 May 2023
EnQuest PLC awarded offer of carbon storage licences
EnQuest is pleased to announce that it has successfully secured
the offer of carbon storage licences as part of the first round of
UK carbon sequestration licences issued by the North Sea Transition
Authority ('NSTA').
The successful licence offers are within application areas known
as Northern North Sea 1 and Northern North Sea 2. These are some 99
miles northeast of Shetland and include fields currently operated
by EnQuest, the Magnus and Thistle fields, as well as the
non-operated Tern and Eider fields. These sites are large, well
characterised deep storage formations connected by significant
existing infrastructure to the Sullom Voe Terminal ('SVT') in
Shetland. EnQuest plans to have carbon dioxide ('CO(2) ') shipped
to SVT in liquid form and then utilise the existing jetties at the
terminal before being transported via the existing East of Shetland
pipeline for injection and permanent storage offshore. The
flexibility afforded by a shipped solution for carbon storage is
expected to enable a service to be provided to isolated emitter
clusters in the UK, Europe and further afield who may not otherwise
be able to access storage infrastructure.
Commenting on the offer, EnQuest Chief Financial Officer, Salman
Malik said: "We are delighted to have successfully secured the
offer of licences to develop our carbon storage business in the
North Sea, utilising the Sullom Voe Terminal in Shetland. EnQuest
has plans to develop a low-cost carbon megastore that will
initially be capable of storing 10 million tonnes of CO(2) a year.
Our vision is that geological formations in this area will
ultimately be capable of permanently storing more than one billion
tonnes of CO(2) . With our comprehensive operational knowledge of
the North Sea and our extensive infrastructure operations, EnQuest
is uniquely placed to maximise the potential of these geological
reservoirs as cost-effective and efficient carbon stores, servicing
emitters from Scotland, the rest of the UK, Europe and beyond."
EnQuest Chief Executive Officer, Amjad Bseisu added: "Our
initiative presents a significant opportunity to transition oil and
gas skillsets, leveraging EnQuest's core capabilities and assets to
deliver a just transition for the sector including new economic
opportunities backed by education and skills training. As we build
a low-carbon, sustainable economy essential for the well-being of
future generations. EnQuest's carbon storage proposition provides a
vital service for areas where liquid CO(2) is the solution, helping
EnQuest go beyond zero in terms of its carbon footprint and helping
the UK and Scotland achieve their national net zero targets.
EnQuest also remains committed to reducing its own carbon
footprint."
The infrastructure that EnQuest operates at SVT includes four
existing jetties which can accommodate large vessels in a natural
deep-water port with a 24m draught. SVT is a 1,000-acre brownfield
COMAH site which provides ample space for the development of the
facilities required for a carbon storage hub. The Group operates
the 200km East of Shetland pipeline ('EOSPS') network which runs
out to its Magnus asset in the northern North Sea. EnQuest is
committed to leveraging its extensive subsurface and projects
capability as well as its extensive drilling and engineering
knowledge of the infrastructure it owns and operates in Shetland
and the North Sea to deliver this substantial project.
/Ends
For further information, please contact:
EnQuest PLC Tel: +44 (0)20 7925
4900
Amjad Bseisu (Chief Executive)
Salman Malik (Chief Financial Officer)
Ian Wood (Head of Investor Relations, Communications
& Reporting)
Craig Baxter (Senior Investor Relations Manager)
Teneo Tel: +44 (0)20 7353
4200
Martin Robinson
Martin Pengelley
Harry Cameron
Notes to editors
This announcement has been determined to contain inside
information. The person responsible for the release of this
announcement is Chris Sawyer, General Counsel and Company
Secretary.
ENQUEST
EnQuest is providing creative solutions through the energy
transition. As an independent energy company with operations in the
UK North Sea and Malaysia, the Group's strategic vision is to be
the partner of choice for the responsible management of existing
energy assets, applying its core capabilities to create value
through the transition.
EnQuest PLC trades on both the London Stock Exchange and the
NASDAQ OMX Stockholm.
Please visit our website www.enquest.com for more information on
our global operations.
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