Horisont Energi intends to partner with PGNiG Upstream Norway as operator in the Barents Sea CO2 licence – Polaris

5. September 2023

SANDNES, Norway 5 September 2023 – Horisont Energi (EURONEXT: HRGI) and the energy company PGNiG Upstream Norway (PUN), part of the ORLEN Group, have today signed a Letter of Intent (LoI) whereby PUN aims to enter as partner and operator in the only CO2 licence in the Barents Sea – Polaris.

The CO2 exploration licence EXL003 with the project name Polaris Licence is currently fully controlled by Horisont Energi. The LoI lays the ground for clearing formalities with authorities necessary for PUN to become operator and acquire a participating interest in the Polaris Licence. The process of onboarding PUN is expected to be completed by early December this year.

This LoI is an important milestone in line with the ORLEN Group’s strategic decision to enter the CO2 storage business, with the Norwegian Continental Shelf as one of the key markets for its implementation. The Polaris project is thus the ORLEN Group’s first intended CO2 licence anywhere.

“Joining forces with PGNiG Upstream Norway is an important milestone in our quest to achieve significant emission reductions and contribute to the emerging CCS industry. PGNiG Upstream Norway is a robust and qualified partner with ample operatorship and offshore experience from the Norwegian Continental Shelf. The new partnership should also help advance our Barents Blue clean ammonia project by providing accessible CO2 storage capacity. We are excited to join forces with an experienced and accomplished team,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.

PUN as partner and operator in Polaris is an important third key element for Horisont Energi over the last months. The first element was to secure the power supply for the planned Barents Blue ammonia plant in Northern Norway in June. The second element was the 50/50 joint development agreement signed with the European fertiliser company Fertiberia in late August for the joint development of the Barents Blue ammonia plant. The LoI with PUN covers the Polaris Licence.

“Efficient and safe storage of carbon dioxide is key to maintaining the competitiveness of industries that are exposed to high emission costs. Cement, steel and fertilizers producers, if they want to continue operating in Poland, or more broadly in the European Union, must find a way to manage carbon dioxide emissions. In line with the ORLEN Group’s strategy, over the next few years we will build strong competence in the area of carbon management. The expertise we wish to gather partnering with Horisont Energi on the Polaris project will also be used in Poland. It will allow us to effectively implement proven and safe technologies of CO2 storage and prepare a competitive offer of carbon management for Polish industry.” says Daniel Obajtek, CEO and President of the ORLEN Management Board.

Although a preferred CO2 storage solution for the Barents Blue project, the Polaris Licence is expected to provide additional storage volumes for other CO2 customers.

A PUN partnership would follow suit to the European energy major E.ON’s and Horisont Energi’s prolonged and extended partnership to develop a European CCS value chain.

“We are very proud to be a pioneer in the field of industrial CO2 circular economy together with Horisont Energi. For our industrial customers the Polaris project can play a key role in achieving their net zero targets. As a partner to our customers, we stand ready to shape this path” says Patrick Lammers, Member if the Management Board and Chief Operating Officer Commercial, E.ON SE.

E.ON and Horisont Energi have previously signed a Letter of Intent for the storage of about one million tonnes of CO2 in the Polaris licence. Together with the two million tonnes of CO2 annually from the Barents Blue ammonia plant and additional CO2 volumes in Northern Norway, there is a substantial commercial basis for the development of the Polaris Licence.

The planning of the Polaris CO2 storage started in February 2020 and, upon application to the authorities, was formally awarded in June 2022. The Polaris licence is expected to provide the necessary storage capacity for Barents Blue, with additional storage capacity expected for other CO2 customers in Norway and Europe.

Facts about the Polaris Licence

Type of reservoir:

Saline aquifer, i.e a water bearing reservoir

Geographical position: 

In the Norwegian part of the Barents Sea, 140 km off Hammerfest, Norway

Area of closure: 

350 km2

Reservoir depth: 

The structural apex of the reservoir 1400 m TVDSS (true vertical depth below sea level)


Water depth: 

250 m

Reservoir thickness: 


The Polaris Licence is subject to the Norwegian implementation of the EU CCS Directive, the European legislative framework concerning the environmentally safe storage of CO2 to contribute to mitigation of the climate changes by reducing CO2 emissions at scale.


For more information:

Horisont Energi

Bjørgulf Haukelidsæter Eidesen, CEO

+47 990 36 892


Leiv Kallestad, CFO

+47 958 95 661


Siri Melberg, Head of Branding and Communication

+47 470 35 718


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 gas, 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. www.horisontenergi.no You can follow us on: https://twitter.com/horisontenergi https://www.linkedin.com/company/horisontenergi/


About PGNiG Upstream Norway (PUN) and ORLEN

PGNiG Upstream Norway ranks among the top 10 oil & gas companies operating on the Norwegian Continental in terms of reserves and output. Its natural gas production plays a vital role in securing the energy needs of Poland. PGNiG Upstream Norway is part of the ORLEN Group, the largest energy company in Central and Eastern Europe, whose operations span the power generation, refining, petrochemical and retail sectors, among others. Its products are available in 90 markets, reaching 100 million customers. ORLEN was the region’s first major energy company to announce a target to achieve carbon neutrality by 2050. By 2030, it will spend PLN 120 billion (almost USD 30 billion) on green investments including offshore and onshore wind farms, photovoltaics, CCS, biofuel, and green hydrogen production.