CO2 Storage Licenses In English Channel Up For Grabs

48

UK regulator North Sea Transition Authority (NSTA) has launched a competitive process inviting applications for CO2 appraisal and storage licenses in an area of the English Channel.

Exclusive rights 

The licenses, for which the competitive process was opened on April 30, grant exclusive rights for the exploration and appraisal of potential storage sites for carbon dioxide in the subsurface.

Interested parties are invited to submit an application within the first two weeks of the process, with the deadline being Wednesday, June 5, 2024.

Vision for the carbon storage

The UK Government last year set out its vision for the carbon storage industry pledging up to £20 billion investment and suggesting that it has the potential to store the carbon equivalent of taking 6 million cars off the road, and supporting 50,000 jobs, by 2050.

The NSTA recently published two sets of guidance expected to help the industry prepare for first carbon storage injection.

Did you Subscribe to our daily newsletter?

It’s Free! Click here to Subscribe

Source : Offshore energy