Eni SpA has consummated the sale of a 49.99 percent stake in its carbon capture, utilization and storage (CCUS) business to BlackRock Inc’s Global Infrastructure Partners (GIP).
“Eni and GIP hold joint control of the company”, Italy’s state-controlled integrated energy company Eni said in a statement on its website.
Eni CCUS Holding operates the Liverpool Bay and Bacton projects in the United Kingdom and L10 in the Netherlands. It is also a co-venturer in the Ravenna project in Italy.
“This strategic partnership enhances the industrial potential and the value of the portfolio projects, reinforces Eni’s ambition to be a leading global player in the carbon capture and storage sector and paves the way for future growth opportunities”, Eni said.
“Eni CCUS Holding is a further example of Eni’s satellite model, attracting strategically aligned capital to its energy transition businesses and confirming their growth potential and value creation.
“CCS is a mature and safe technological process and it is one of the key levers for the energy transition, being currently the most efficient and effective decarbonization tool to support hard-to-abate industries in reducing their emissions”.
Earlier this year Eni and the United Kingdom government reached financial close for Liverpool Bay CCS, paving the way for the start of construction, as announced by the company April 24.
The project will comprise the transport and storage infrastructure for the HyNet decarbonization project, which spans North West England and North Wales. Planned to reach 4.5 million metric tons per annum (MMtpa) of carbon dioxide (CO2) storage capacity by 2028, HyNet will store captured emissions in depleted hydrocarbon fields in the Irish Sea. The Eni-led HyNet consortium plans to grow the capacity to 10 million tonnes per year. Start-up is expected 2028, Eni said then.
In the other UK project, Bacton, Eni expects to unlock a CO2 storage capacity of about 300 million metric tons at the depleted Hewett gas field in the North Sea, according to a company statement September 15, 2023, announcing the award of the license.
L10, meanwhile, has reached the front-end engineering stage. Located on the Dutch side of the North Sea, it is planned to store five MMtpa of CO2, according to the project website.
Eni joined L10 after an acquisition from Neptune Energy Group Ltd. On January 31, 2024, Eni announced the completion of the transaction that saw Neptune’s assets in Norway go to Eni’s majority-owned Var Energi ASA and the remaining ones except those in Germany to Eni.
The other project in the Eni-GIP CCS joint venture, Ravenna CCS, started injection last year as, according to Eni, Italy’s first CCS project.
“Phase 1 of the project will capture, transport and store CO2 emissions from Eni’s natural gas treatment plant in Casalborsetti, in the municipality of Ravenna, estimated at approximately 25,000 tonnes per year. Once captured, the carbon dioxide is transported to the offshore Porto Corsini Mare Ovest platform through reconverted gas pipelines”, Eni said in a press release September 3, 2024. “The CO2 will then be injected and stored at a depth of 3,000 meters [9,842.52 feet] in the depleted Porto Corsini Mare Ovest gas field”.
For phase 2, Ravenna is planned to store up to four million MMtpa by 2030, according to Eni.
To contact the author, email jov.onsat@rigzone.com
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