AIM-listed Synergia Energy is on the lookout for partners that will come aboard its carbon capture and storage (CCS) project in the UK sector of the North Sea.
Following a pre-FEED study by Axis Well Technology and the award of a carbon storage license , Synergia Energy has embarked on a farm-out process concerning its Medway Hub Camelot CCS project in the UK waters. The company claims that it has received expressions of interest from several parties. This project is currently estimated to have the capacity to store between 70 and 100 million tonnes of CO2. The first CO2 injection is anticipated in 2032.
This prompted Synergia Energy to offer up to half of its 50% interest in the CS019 license under a farm-out arrangement, subject to necessary regulatory approvals while retaining its designated operator role. The firm and its partner, Wintershall Dea , each hold a 50% interest in the CS019 Camelot carbon storage license, which is located in the UK Southern North Sea.
The Medway Hub CCS project is expected to enable the capture and transportation of CO2 emissions from coastal combined-cycle gas turbine power stations in liquid form by marine tankers to a floating injection, storage, and offloading (FISO) vessel from which the CO 2 will be injected into depleted gas fields and saline aquifers for permanent sequestration on the UK Continental Shelf (UKCS).
Moreover, the project will entail carbon capture and storage of CO2 from three major CCGT power stations on the Isle of Grain near Rochester, Kent, encompassing CO2 extraction from the exhaust stream at Medway, Damhead, and Grain power stations. The liquid CO2 will be transported via tanker to Esmond and Forbes depleted gas fields for permanent storage.
Britain is determined to up its decarbonization ante with CCS, as confirmed by a £20 billion (nearly $24.2 billion at the time) funding unveiled in 2023 . While 20 carbon storage licenses were offered in the first-ever CO2 storage licensing round, the decision to mark 13 areas off the UK’s coast as sites for permanently storing CO2 could enable the country to bury 30 million tonnes of CO2 annually by 2030.