REG - Harbour Energy PLC - Viking and Acorn projects awarded Track 2 status

Harbour EnergyAnnouncement

31/07/2023 08:00

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RNS Number : 7071H  Harbour Energy PLC  31 July 2023

Harbour Energy plc

("Harbour Energy" or "Harbour")

Harbour's Viking and Acorn CCS projects awarded Track 2 status

31 July 2023

 

Harbour Energy, operator of the Humber-based Viking CO(2) transportation and
storage network and partner in the Acorn CCS project in northeast Scotland,
today welcomes the news that both projects have been awarded Track 2 status as
part of the UK Government's CCS cluster sequencing process.

Today's announcement marks an important milestone for the two projects,
allowing them to move into front end engineering and design (FEED) and
discussions with the government over the terms of the economic licences, ahead
of final investment decisions.

Viking has the potential to transport and store up to 10 million tonnes of
CO(2) annually by 2030 and 15 million tonnes of CO(2) annually by 2035 with
independently verified storage capacity of 300 million tonnes of CO(2) across
the depleted Viking gas fields. The project could be transformational for the
Humber region, potentially unlocking up to £7 billion of investment across
the full CO(2) capture, transport and storage value chain between 2025 and
2035, creating over 10,000 jobs during construction and providing an estimated
£4 billion of gross value add (GVA) to the Humber and its surrounding areas.

The Viking CCS project can also enable, through our work with Associated
British Ports at the Port of Immingham, the potential for shipped CO(2) from
dispersed emitters elsewhere in the UK and internationally to be transported
for permanent storage within the Viking fields, creating a new industry for
the UK.

 

Linda Z Cook, CEO of Harbour Energy, commented:

"Today's announcement is an important step forward for Harbour's Viking and
Acorn CCS projects and the development of the carbon capture and storage
industry in the UK. It is also a further demonstration of the key role that
the oil and gas sector is playing by using our existing infrastructure, skills
and experience to build this new industry and help deliver the energy
transition.

 

"Viking has the potential to be transformational for the Humber, the UK's most
carbon intensive industrial region, creating thousands of jobs in the area and
playing a vital role in supporting the UK to meet its target to capture 30
million tonnes of CO(2) annually by 2030."

 

Enquiries

Harbour Energy plc

Elizabeth Brooks, Head of Investor Relations
 
020 3833 2421

Brunswick

Patrick Handley, Will Medvei
 
             020 7404 5959

Notes to editors

Harbour is operator of the Viking CO(2) transportation and storage network
with a 60 per cent interest and partnered with bp who has a 40 per cent
non-operated share.  A report published in March 2023, 'Viking CCS,
transforming the Humber into a net zero SuperPlace', outlined the economic
benefits of Viking CCS and can be viewed at www.vikingccs.co.uk
(http://www.vikingccs.co.uk) .

 

Harbour has a 30 per cent non-operated interest in the Acorn CCS project which
is operated by lead developer Storegga.

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