11 April, 2023: BP has purchased a 40% share in the Viking CCS project in the UK from Harbour Energy, as the government strives to speed up the development of carbon capture and storage. The Viking initiative aims to repurpose old depleted gas fields located off the coast of the Humber region to capture up to one-third of the UK's annual target of 30 million tonnes of carbon dioxide by 2030.
The investment made by BP offers substantial support for the Viking CCS project, which is one of the top contenders seeking approval from the government in the upcoming phase of the Track 2 carbon capture development process.
The delivery of the Viking project has the potential to bring about a transformative impact on the region, unlocking a £7 billion of investments throughout the CO2 capture, transport, and storage value chain over the next ten years. The project is expected to generate more than 10,000 job opportunities while contributing an estimated Gross Value Add (GVA) of £4 billion to the Humber and its adjacent regions.
In a press release by Harbour Energy, Anja Dotzenrath, Executive Vice President of Gas and Low Carbon Energy, BP said, “We’re extremely excited to be joining Viking CCS, a project which can play an instrumental role in helping to decarbonise the UK and providing CO2 transport and storage as a service to emitters across industry sectors and geographies, including as a future CO2 shipping destination”.
BP’s investment in the Viking CCS project is a significant boost to the UK’s carbon capture and storage efforts. The project’s main aim makes it an essential component of the country’s decarbonisation strategy.