6. October 2022
Horisont Energi (EURONEXT: HRGI) today announced the signing of a project agreement with Neptune Energy to develop the Errai Carbon Capture and Storage (CCS) project in Norway.
The project agreement builds on the memorandum of understanding that was announced on 30 August 2022. The partners are now setting up a project organisation to progress the project.
“CCS is a key component of the decarbonisation of European industry, and we see substantial interest in CO2 storage from European industry. Both partners share a sense of urgency in realising this technology on a large scale, and we have been able to move quickly to formalise this agreement. We look forward to cooperating with Neptune in the years to come.”
CEO of Horisont Energi
Errai plan to store 4-8 million tonnes of CO2 annually in the first development phase, potentially storing 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. With the current plans the Errai project will develop the second CO2 terminal in Norway.
The onshore terminal is designed to 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.
The Errai project was initiated by Horisont Energi in 2021, and CO2 injections are expected to start by 2026. With this important agreement with Neptune Energy, Horisont Energi is now pursuing their second project development following the flagship project Barents Blue.
Neptune Energy has reinjected CO2 in the K12-B gas field in the Dutch North Sea for 14 years, as well as being a partner in the Norwegian Snøhvit field, which has been reinjecting CO2 since 2008. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products globally by 2030.
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 a 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.
www.neptuneenergy.com