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BP buys 40% interest in carbon capture project

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UK-based energy major BP has purchased a 40% stake in the Viking CCS project in order to boost its decarbonisation presence in the UK.

Harbour Energy, which is the biggest UK North Sea oil and gas producer, will retain a 60% stake in the project and continue as operator. The Viking project is a frontrunner in the UK Government’s Track 2 Process for carbon capture, usage and storage (CCUS). BP’s involvement should only add further weight to this project.

The project plans to repurpose depleted gas fields off the coast of the Humber region and use them for sequestering captured carbon dioxide emissions. The plan is to capture up to 10 million tonnes by the end of the decade, which would be a third of the UK Government’s target. While emissions will be captured locally, there will also be scope to use the port of Immingham to accept carbon dioxide emissions from other parts of the UK and even overseas, which could potentially be more profitable.

The UK head of country for BP, Louise Kingham, said about the acquisition:

“Our entry into Viking CCS demonstrates BP’s commitment to Backing Britain through substantial investment and helping the country achieve its net zero goals.”

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