Synergia Energy has announced the commencement of a farm out process concerning its Medway Hub Camelot CCS project in the UK.
Synergia and its partner, Wintershall Dea, each hold a 50% interest in the CS019 Camelot carbon storage licence, with Synergia as designated operator. The Camelot licence, located in the UK Southern North Sea, is currently projected to be able to store between 70 and 100 million tonnes of CO2.
Following expressions of interest from a number of parties, Synergia has decided to offer up to half of its 50% interest in the CS019 licence under a farm out arrangement, subject to necessary regulatory approvals, with Synergia remaining as designated operator. The Company believes achieving a farm out arrangement would materially lower its capital commitments to the project whilst also potentially strengthening further the partnership operationally and technically.
Further updates on the farm out process will be provided as and when appropriate.
Click here for more details of the Medway Hub CCS Project
Source: Synergia Energy
