The Danish Energy Agency is to award 197 million DKK (€26 million) to the INEOS led consortium backing Project Greensand for carbon capture and storage. The project is expected to support Denmark’s ambitions to reach a 70% CO2 reduction by 2030.
The award, the largest single grant ever awarded in Denmark, is based on a political decision by the Danish government and a broad majority of political parties in December 2020 to allocate a total of DKK 197 million earmarked for the development and demonstration of CO2 storage in the North Sea.
“The entire consortium has been waiting in the starting block and we are ready to start working on the project so we can help reach the ambitious climate ambitions as soon as possible” said Mads Gade, head of INEOS Energy, Denmark.
“This is a huge achievement and a big step towards the net zero ambition for INEOS said David Bucknall, CEO of INEOS Energy.
The storage potential in Project Greensand is ½-1 million ton of CO2 per year from 2025, increasing to 4-8 million tons of CO2 per year by 2030. The Greensand Area could account for all of the CO2 storage proposed in the Danish Climate Programme.
Project Greensand is currently validating the technical and commercial feasibility of permanent CO2 storage in depleted oil and gas reservoirs in the Danish part of the North Sea, starting with the Nini West Field.
The study was initiated in June 2020 and is aimed at building infrastructure and capabilities that will enable CO2 captured in onshore facilities to be transported offshore for injection and storage beneath the seabed.
It is led by INEOS Energy and has two other commercial partners, Wintershall Dea and Maersk Driling, with GEUS (Geological Survey of Denmark and Greenland) as its research partner.
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