Carbon Capture and Storage (CCS) can play a major role in achieving net zero across the UK and the world.
CCS is necessary to capture and store the carbon dioxide that would otherwise be released into the atmosphere through power generation, or industrial processes which means it’s vital we invest in this technology to enable us to reach our net zero goals.
Harbour Energy is the largest London-listed independent oil and gas company. Holding a leading position in the UK as well as interests in Indonesia, Vietnam, Mexico, and Norway, Harbour’s strategy is to continue to build a global, diversified oil and gas company focused on safe and responsible operations, value creation and shareholder returns.
Across its operations, the company is committed to achieving its goal of net zero greenhouse gas emissions by 2035 with respect to its scope 1 and scope 2 emissions. In addition, Harbour is well positioned to use its existing skills and infrastructure to help deliver the UK’s CCS goals and more broadly the country’s emissions reduction targets.
Led by Harbour Energy, with support from bp, Viking CCS is a Humber-based project working to develop the infrastructure to transport and store CO2 in secure offshore storage sites. Working with a consortium of emissions capture and infrastructure members, the project will create a CO2 capture, transportation, and storage network targeting start-up in 2027 and a reduction of 10 million tonnes of UK emissions per annum by 2030 and up to 15 million tonnes by 2035.
Foresight was delighted to speak to Senior Vice President for Government and External Affairs for Harbour Energy, Adam Newton to share the latest CCS projects and updates ahead of the upcoming Foresight NetZero Live 2023 conference, exhibition, and networking event which will be held at the Doubletree by Hilton in Hull, UK, on the 28-29 June 2023.
Newton championed the ability of CCS to “accelerate the decarbonisation of hard to abate sectors like refining, and critical industries like cement and steel, as well as play an important role in providing a firm, non-weather dependent reliable source of low-carbon supply to the UK electrical system through gas-fired power generation with CCS.”
The Senior Vice President for Government and External Affairs expressed the pivotal role that Viking CCS can play in decarbonising industry while advancing investment in the area, sharing how the new venture “could help to transform the Humber into the centre of the UK’s net zero economy.”
Highlighting economic benefits, Newton added “The project could unlock up to £7 billion of investment across the full CO2 capture, transport and storage value chain from 2025 to 2035” and holds the ability to “support the development of new critical infrastructure and low-carbon industries, which when developed provide a route to an estimated £4 billion of gross value add (GVA) and requiring up to 10,000 new jobs during the peak of construction.”
Touching on further industry investment the project can bring, Newton stated “Viking CCS will equip the Humber with high-capacity, reliable low-carbon infrastructure to promote inward investment and attract new industries to the area – a prime example of this is RWE examining options to build a new gas-fired power station on the South Humber Bank.”
Foresight NetZero Live 2023 will be an opportunity to hear more about the role of CCS and the decarbonisation across power, refining, steel and cement. Alongside hearing more from Harbour Energy highlighting the Viking CCS Project and its positive impacts.
With increasing investment in CCS technology, the UK can be seen as a leader in championing new CCS developments to reach NetZero. Not only does the technology have the power to provide clean energy and help hit NetZero targets, but the economic benefits also the UK will see through all stages of development are unrivalled.
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