Horisont Energi is assessing various options for moving the Polaris project forward, after being informed by ORLEN Upstream Norway (formerly PGNiG Upstream Norway) that the company has made the decision to withdraw from the licence.
Horisont Energi is in dialogue with the Ministry of Energy and new potential licence partners and the company will work to secure a way forward for the Polaris CO2 exploration licence EXL003.
'Polaris has already documented its reservoir capacity and technical CO2 storage feasibility, establishing it as a technically mature project. Horisont Energi will now consider the options of how to bring the Polaris project forward as a competitive alternative for the Barents Blue Project', say Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.
Horisont Energi is currently conducting a strategic review exploring options for the company going forward including its project portfolio in carbon transport and storage and clean ammonia. As part of this work, entry of new partners into the Polaris licence has been and is being explored. More information on the way forward for the Polaris licence will be provided to the market when this is available.
Thursday 10 October it was announced that the Barents Blue project is evaluating alternative CO2 storage options as part of the ongoing concept select process. Recent developments in the North Sea carbon storage landscape have introduced new alternatives, providing optionality for the Barents Blue project – with options that were not available when the project was initially launched.
Background
Polaris Project is a pioneering example of the emerging CCS industry and possibilities for European and domestic CO2-storage on the Norwegian Continental Shelf. Polaris is located in the Barents Sea, 100 km off the coast of Finnmark in northern Norway. Click here for further info.
Source: Horisont Energi
