Oil Companies Team Up For UK CCUS Project
Working with OGCI Climate Investments, BP (NYSE: BP), Eni SpA (NYSE: E), Equinor ASA (NYSE: EQNR), Occidental Petroleum Corp. (NYSE: OXY), Royal Dutch Shell Plc (NYSE: RDS.A) and Total SA (NYSE: TOT) have teamed up for the Clean Gas Project.
The project, which is intended to eventually become the anchor for an industrial cluster in Tees Valley in northeast England, will use natural gas to generate power. CO2 will then be captured from the facility, compressed and transported via pipeline for storage in a formation underneath the Southern North Sea, OGCI said in a statement Nov. 28.
The initiative could also spark investment from companies wanting to utilize the CO2.