ExxonMobil subsidiary XTO Netherlands, US company Rosewood Exploration, Dutch EBN Capital and UK-based Neptune Energy signed a cooperation agreement to expand the L10 large-scale offshore carbon capture and storage (CCS) project in the Dutch North Sea on Monday.
The current project phase has the potential to store up to 5 million tonnes of carbon annually but the large-scale CCS project has the potential to safely store 120-150 million tonnes of carbon.
The group plans to have the project ready for front-end engineering and design (FEED) by the end of the year after the concept design phase is complete.
A FEED study is an essential step in providing certainty, minimizing risk, and enabling decision makers to feel confident in final investment decisions.
In the last stage, the group will submit a storage license application.
Neptune Energy has 14-year experience in carbon reinjection offshore the Netherlands.
'This next important step will enable us to jointly develop one of the largest CCS facilities in the North Sea,' said Lex de Groot, Neptune Energy managing director in the Netherlands.
'Carbon capture and storage is a proven, ready-to-deploy technology that can help reduce emissions in some of the highest-emitting sectors and advance society’s net-zero goals,' said Dan Ammann, president of ExxonMobil Low Carbon Solutions.
By Zeynep Beyza Kilic