GIP becomes co-investor in Eni’s carbon capture and storage holding group
BlackRock subsidiary Global Infrastructure Partners (GIP) has agreed to acquire a 49.99% stake in Eni CCUS Holding.
Eni said in a press release issued on Aug. 18 that it formed this entity to maximize the potential of its carbon capture, utilization and storage (CCUS) projects, four of which are currently under development or in the planning stage in Europe.
“The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonization solutions.”
—Claudio Descalzi, CEO, Eni
Here, Eni stressed, a regulatory and commercial framework and financing plan are all in place.
Bacton Thames Net Zero is a planned carbon transportation development in Norfolk, eastern England, supported by power utilities and energy-from-waste companies in the Thames Estuary area and around London that are looking to decarbonize their operations.
The envisaged infrastructure would transport their CO2 emissions for storage in depleted oil and gas fields in the southern UK North Sea. One of these is Hewett, 20 miles offshore the Bacton gas reception terminal. Eni believes this depleted gas field has capacity to store 330 MM mt of CO2 over a 30-year operating lifespan, with storage operations potentially getting underway in 2027.
In the Netherlands, Eni is a partner in the L10-CCS project, a position it inherited following its takeover of Neptune Energy. This is a joint venture with EBN, ExxonMobil Netherlands CCS and Tenaz Energy that aims to store 5 MMmt/year of captured CO2 in depleted Dutch North Sea gas fields.
Petrofac was awarded the facilities FEED contract last year for the project’s current Define/FEED phase; the development is connected to the Aramis CO2 transport and storage initiative.
Onshore/offshore eastern Italy, Eni is co-developing the Ravenna CCS project with Snam. The agreement gives GIP the right to acquire a 50% stake.
Phase 1 entails capturing and transporting CO2 emitted from Eni’s gas treatment site in Casalborsetti in Ravenna municipality via converted gas pipelines to the offshore Porto Corsini Mare Ovest field platform in the Adriatic Sea. The CO2 is then injected into the depleted gas field at a depth of 3,000 m.
Eni and Snam launched Ravenna CCS, Italy’s first CCS project, about a year ago.
Source: Eni YouTube channel
“GIP’s experience in midstream infrastructure, combined with Eni’s technical, operational and industrial capabilities, will help accelerate the deployment of CCUS solutions at meaningful scale, furthering our commitment to serve growing market needs for affordable, decarbonized energy and products.”
—Bayo Ogunlesi, Chairman and CEO, GIP
About the Author
Jeremy Beckman
Editor, Europe
Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.