Up to 10 million tons of CO2 per year can be stored through the oil terminal of Shetland's Sullom Voe oil terminal
Britain risks losing North Sea Energy Company warned that it was an «early step» advantage in the nascent clean zero technology unless a supply deal was struck with the EU.
Enquest, which operates the Sullom-Vo oil terminal in Shetland, is one of several companies seeking to create carbon storage sites that will pump carbon dioxide underwater and store it in old oil and gas reservoirs.
But the company warned that while the UK has an advantage due to the number of depleted oil and gas fields that could be repurposed for CO2 storage, it would not be able to trade CO2 cargoes with Europe unless an agreement was reached. achieved with Brussels «London Protocol».
The Protocol, along with the old London Convention, is an international agreement to stop the dumping of waste into the oceans. In its current form, this would ban CO2 shipments.
However, the International Energy Agency (IEA) called on the signatories of the protocol to pass an amendment that would allow trading.
Rishi Sunak in July announced £20bn for carbon capture projects as part of a package to «protect society» from power outages caused by the Kremlin's incursion into Ukraine.
Salman Malik, Financial Enquest's director, said taking on European CO2 shipments could be a potentially lucrative business, but the UK risks missing out if addressing the problem is not a priority.
With a deep water jetty and direct water supply pipelines connecting to oil fields, the Enquest terminal at Sullom Vo is one place where CO2 can be delivered by ship and pumped into storage.
Sallom Vo is expected to store up to 10 million tons of CO2 per year, or one billion tons over the lifetime of the facility. Infusions will begin in the late 2020s if Enquest gives final approval to the project.
Mr Malik said that negotiations are already underway with potential European industrial consumers who need to store carbon.
He said: “Europeans lack storage capacity, so we expect to play a very significant role there.
But there is a hurdle to overcome: we will need government-to-government collaboration to facilitate transport of CO2 across borders.
“This industry is in its infancy and in the current environment you will need ratification by the European [Union] to allow it.”
“It's definitely on the radar and it's reported to the UK quite regularly. The Government and we are certainly interested in speeding up these negotiations to allow us to retain the first step advantage in this area.”
Mr Malik said the UK still has work to do. and the EU to fully recognize each other's emissions trading systems.
The Department of Energy Security and Net Zero confirmed on Saturday that it is aware of the London Protocol issue and that it is leading an intergovernmental effort to address the issue.
The spokesman added: “We are making the whole of the UK a world leader in carbon capture with an unprecedented £20bn and are accelerating the development of this life-saving technology as part of our larger effort to improve energy security.
“We welcome the interest of EU countries in using UK storage facilities for CO2 imports and are actively looking into ways to overcome regulatory barriers to make this happen.”
Carbon capture, recycling and storage will also include the reduction of CO2 emissions. from the air or from large emission sources such as industrial facilities and safely stored underground or converted into other products.
The IEA stressed that this is essential if the world is to achieve zero carbon emissions by 2050.
However, the technology is still in its infancy, and critics warn that it risks detracting from broader emission reduction targets, or in the worst case, even depriving them of incentives.
Furthermore, carbon storage is only possible in certain places where suitable rocks exist. They must be permeable and porous and located at least half a mile underground, with a layer of dense rock on top to prevent leakage, making depleted oil and gas fields ideal candidates.
The UK continental shelf could potentially contain 78 billion oil and gas reserves. tons of CO2, according to the North Sea Transitional Authority (NSTA).
By 2030, the government aims to capture and store between 20 and 30 million tons of CO2 per year, rising to 50 million tons by 2035.
Earlier this year, the NSTA issued its first 20 offshore carbon storage licenses, four of which were awarded to Enquest.
The government is also encouraging technology development in «clusters». in areas such as the east coast of England, which stretches from Teesside to the Humber.
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