LONDON - The Northern Endurance Partnership (NEP), with a 10% stake held by TotalEnergies (EPA:TTEF) (Paris:TTE) (LSE:TTE) (NYSE:TTE), has achieved financial closure, marking the commencement of the United Kingdom (TADAWUL:4280)'s inaugural carbon capture and storage (CCS) project. This venture is poised to initially sequester up to 4 million tonnes of CO2 annually from the Teesside region's industrial sector.
The NEP's infrastructure will encompass an onshore CO2 network, compression facilities, and a 145 km offshore pipeline leading to the Endurance saline aquifer beneath the seabed. The infrastructure will initially support three Teesside carbon capture initiatives: NZT Power, H2Teesside, and Teesside Hydrogen CO2 Capture.
Construction is slated to begin in mid-2025, with the first CO2 storage anticipated in 2028. This project represents a significant stride in the UK's efforts to achieve net-zero emissions by 2050, with the NEP serving as a key player in the nation's CCS industry.
Arnaud Le Foll, Senior Vice President New Business – Carbon Neutrality at TotalEnergies, expressed enthusiasm for the project's potential to transport and store CO2, aligning with TotalEnergies' goal to develop substantial CO2 storage capacities in the North Sea.
Chris Daykin, Director of NEP, highlighted the project as a pivotal moment for CCUS infrastructure development and the UK's net-zero ambitions. The initiative has garnered support from both shareholders and the UK Government.
Ed Miliband, Secretary of State for Energy Security and Net Zero, underscored the investment's role in advancing clean energy in Britain, enhancing energy security, and supporting skilled jobs in Teesside and the North East.
NEP, which is also backed by bp (45%) and Equinor (45%), holds the distinction of being granted the UK's first Carbon Dioxide Transport and Storage Licence under the Transportation and storage Regulatory Investment (TRI) regime.
This press release statement outlines the NEP's role in the UK's clean energy transition and its significance in the broader context of TotalEnergies' carbon storage projects, which include initiatives in Norway, the United States, the Netherlands, and Denmark. TotalEnergies continues to play an active role in the UK's energy sector across various domains, from oil and gas production to renewable energy and carbon storage.
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