ENGIE and Equinor will cooperate in low-carbon hydrogen developments, Equinor announced in a statement on Thursday.
The partners will investigate the production and market potential for hydrogen from natural gas whereby carbon dioxide (CO2) will be captured and stored permanently offshore.
According to the statement, the companies signed a memorandum of understanding to investigate the development of low-carbon hydrogen value chains in Belgium, the Netherlands and France.
In the coming months, ENGIE and Equinor will start discussions with potential customers to assess the project, as well as with stakeholders and relevant authorities.
For the companies, the statement said it is essential to develop low-carbon and renewable hydrogen projects at scale in order to make it possible for industrial customers to significantly reduce CO2 emissions before 2030.
"This development of low carbon and renewable hydrogen will accelerate the construction of new hydrogen infrastructure and the repurposing of current natural gas infrastructure, thus paving the way for net zero in 2050," the statement read.
By Gulsen Cagatay