11th Apr 2023 08:11
(Alliance News) - Harbour Energy PLC on Tuesday said it has agreed with BP PLC to develop the Viking carbon capture & storage transportation and storage project
Harbour continues to operate the Viking CSS with a 60% interest, with BP buying a 40% non-operated stake. Harbour did not give any financial details of the deal.
Harbour said that the project has the potential to capture and store up to 10 million tonnes of carbon dioxide per year by 2030, one third of the UK's government target of up to 30 million tonnes.
"The delivery of the Viking project could be transformational for the region, potentially unlocking up to GBP7 billion of investment across the full CO2 capture, transport, and storage value chain over the next decade, creating over 10,000 jobs during construction, and providing an estimated GBP4 billion of gross value add to the Humber and its surrounding areas," the company added.
Harbour anticipates a final investment decision in 2024, with the project potentially operational as early as 2027.
Harbour cited the UK government's decision to launch track 2 of its CSS cluster sequencing process "and its recognition that Viking CCS is one of two leading transport and storage system contenders for this process".
Harbour Energy, a North Sea-focused oil and gas company, was born of the merger of Chrysaor Holdings Ltd and Premier Oil PLC, and started trading on London's main market back in April 2021. It had a short-lived stint on the FTSE 100 before being demoted in December, now back in London's midcap FTSE 250 index.
Harbour shares traded 0.6% higher at 290.00 pence each in London on Tuesday morning. BP was up 1.3% at 539.00p.
By Tom Budszus, Alliance News reporter
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