Neptune Energy, ExxonMobil subsidiary XTO Netherlands, Rosewood Exploration and EBN Capital B.V. signed a cooperation agreement to progress the L10 large-scale offshore carbon capture and storage project in the Dutch North Sea.
The agreement aims to take the L10 carbon capture and storage development to the concept select stage in 2022 and to have the project FEED-ready by the end of the year, followed by the submission of a storage licence application.
“CCS is crucial for achieving the Dutch climate goals for 2030," said Lex de Groot, Neptune Energy’s Managing Director in the Netherlands. "This Cooperation Agreement is a significant step in the development of the Neptune-operated L10 project which supports our strategy to go beyond net zero and store more carbon than is emitted from our operations, scope 1, and sold products, scope 3, by 2030."
This stage of the L10 carbon capture and storage project has the potential to store 4-5 million tonnes of CO2 annually for industrial customers within depleted gas fields around the Neptune-operated L10-A, B and E areas. It represents the first stage in the potential development of the greater L10 area as a large-volume CO2 storage reservoir.