Neptune unveils a 4-5 MtCO2/year CCS projet in the Dutch North Sea
Neptune Energy, ExxonMobil subsidiary XTO Netherlands, Rosewood Exploration, and EBN Capital have signed a cooperation agreement to develop the L10 offshore carbon capture and storage (CCS) project in the Dutch North Sea. The project, which should participate in the upcoming round of applications for SDE++ funding from Dutch authorities, has the potential to store 4-5 MtCO2/year for industrial customers within depleted gas fields around the Neptune-operated L10-A, B and E areas. The consortium intends to take the L10 carbon capture and storage development to the concept select stage in 2022 and to have the project FEED (front-end engineering design)-ready by the end of the year, followed by the submission of a storage licence application.
The €30bn SDE++ scheme (Sustainable Energy Transition Incentive Scheme) is open to projects based on renewable electricity, gas, and heat, the use of industrial waste heat and heat pumps, the electrification of industrial heat processes and electrification of hydrogen production, and CCS for industrial processes, including hydrogen production and waste incineration. Greenhouse gas (GHG) emissions increased by 1.1% in 2019 and were 18% below their 1990 level. Between 2015-2018, emissions decreased by 1.6%/year in average. The Netherlands currently holds a GHG emissions reduction target of 49% by 2030, higher than the EU mandated 40%. A total investment budget of €300m per year has been put in place from 2018-30 to promote actions to meet this target.
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