April 11 (Reuters) – Harbour Vitality (HBR.L), Britain’s largest oil and gasoline producer, stated on Tuesday it has entered into an settlement with BP (BP.L) to develop the Viking CCS transportation and storage undertaking.
Harbour will proceed as operator of Viking CCS with a 60% curiosity, with BP buying a 40% non-operated share, the corporate stated in a press release.
The announcement follows the UK’s latest resolution to launch the “Monitor 2” cluster sequencing course of for carbon seize and storage (CCS), a expertise that removes carbon dioxide emissions from the ambiance and shops it underground.
Efforts to take away carbon dioxide from the ambiance and put it in underground storage have gained steam throughout Europe over the previous few years as industries and governments search to cut back emissions to satisfy their local weather targets.
Harbour stated the federal government recognises Viking CCS as one of many main transport and storage system contenders for this course of, and {that a} closing funding resolution on the undertaking is anticipated in 2024, topic to the end result of the Monitor 2 CCS.
Reporting by Muhammed Husain in Bengaluru; Enhancing by Savio D’Souza and Nivedita Bhattacharjee
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