New large CCS project aims to restructure oil and gas companies and create new business areas

19. August 2021

The ambition to store millions of tonnes of CO2 in the subsoil has come a big step closer, after 30 Danish and foreign companies and research institutions have just signed an agreement on the next phase of the Greensand project under the leadership of Ineos. This will create new value chains and green business opportunities for Danish oil / gas companies in particular within CO2 capture and storage.

Storage of CO2 in the subsoil

Capture and storage of CO2 will be an element in meeting the climate target for 2030. Project Greensand will demonstrate that the Nini field in the North Sea can be used for CO2 storage as well as a safe and cost-effective transport of CO2 from capture site to storage.

The knowledge gathered must be used to achieve the greatest possible capacity of the Nini field in the North Sea and apply that knowledge to comparable empty fields. The potential is that up to DKK 8 million can be extended. tons of CO2 in 2030, approx. 40% of the target of 70% CO2 reduction by 2030.

New value chains and business opportunities can strengthen the entire cluster

Project Greensand has the potential to strengthen the entire Danish cluster by reusing knowledge and competencies from companies in the oil and gas area to develop new supply chains of service and maintenance for the future CCS industry (carbon capture storage). In the long run, Danish companies can export this new know-how about CCS to other countries, which will also store CO2.

“Denmark has strong competencies that can be used within CCS. It can be a new growth area in the Danish energy cluster, among other things. via innovation projects such as Greensand, where companies from different parts of the value chain come together to create a new business area, ”says Glenda Napier, CEO, Energy Cluster Denmark.

Many of the experiences and competencies that Denmark has built up around the oil / gas industry can also be used for capturing and storing CO2. Therefore, the area can help transform the undergrowth of suppliers in the oil / gas industry towards green technology.

“A large number of skilled Danish companies that have previously worked with oil / gas in, for example, the North Sea, are in recent years utilizing their competencies within the green area,” says Glenda Napier, CEO, Energy Cluster Denmark.

Background about the consortium

The project is led by the Nini Joint Venture consisting of Ineos Oil & Gas Denmark and Wintershall Dea as well as a number of significant players in various parts of the value chain such as Maersk Drilling, Rambøll, Semco, Aker Carbon Capture, Schlumberger New Energy, Aalborg Portland and Energy Cluster Denmark. Energy Cluster Denmark has contributed to facilitating the project, raising funding and forming the consortium, and will in future handle the project administration.