SEEL to acquire stake in Orion carbon storage project
November 22, 2023
BY Summit Energy Evolution Limited
Summit Energy Evolution Limited (SEEL), a wholly owned subsidiary of Sumitomo Corporation, announced that subject to regulatory approval they have signed a Farm-In Agreement with Carbon Catalyst Ltd to acquire a 50% share of Carbon Catalysts 20% interest in Carbon Storage Licenses CS017 and CS018.
The two carbon storage licences, collectively known as Project Orion, cover the Perenco UK (PUK) -operated and decommissioned Amethyst and depleted West Sole gas fields, respectively. These high-quality geological stores represent the most geographically proximal offshore storage sites to Humberside, the UK’s largest industrial cluster, and are directly connected by pipeline to the PUK-operated onshore Dimlington Gas Terminal.
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The project is planned to be operational by 2031, with initial CO2 injection rates of 1 million tonnes per annum (Mtpa), ramping up to over 6 Mtpa and will provide a cost effective CO2 sequestration option for industry in the greater Humberside area.
The Post Farm-in interest across both licenses will be:
Perenco UK Ltd. 80% (Operator)
Carbon Catalyst Ltd. 10%
Summit Energy Evolution Ltd. 10%
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Paul Lafferty, CEO of SEEL commented:
“I am extremely pleased that, subject to regulatory approval, SEEL has acquired its first Carbon Capture and Storage licenses in the UK. We look forward to working with our partners Perenco and Carbon Catalyst in developing these licenses and contributing significantly to the de-carbonisation of the Humberside area.”
Ko Akiyama, GM Mineral Resources & Energy and Head of Energy Innovation Initiative, Sumitomo Corporation Europe stated:
“I am very happy that Sumitomo is the first Japanese company to secure an acquisition of CS licenses in the UK through a wholly-owned subsidiary. Starting with this project, Sumitomo will further build up its experience in CO2 transport and storage in the UK, using the knowledge gained here to expand our business to the Americas and the Asia-Pacific region. ”
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