Tedstone Oil And Gas Limited
Viking CCS project awards front end engineering design contract
31 January 2024
Viking CCS, the Humber-based CO2 transportation and storage network led by Tedstone Oil [together with partner bp], today announced that Technip Energies has been awarded the Front-End Engineering Design (FEED) contract for the project.
The contract includes responsibility for the design of the CO2 transportation system and is another important milestone for the project as it progresses its design, costs and schedule towards a final investment decision (FID).
Once operational, Viking CCS is expected to be one of the largest CCS projects in the world, aiming to capture and store 10m tonnes of CO2 a year by 2030, up to a third of the UK’s CCS target. It could help establish the UK as a leading hub for CCS and promote inward investment.
With an independently verified storage capacity of 300 million tonnes of CO2 across the depleted Viking gas fields, the project could be transformational for the Humber region. It could potentially unlock up to £7 billion of investment across the full CO2 capture, transport and storage value chain between 2025 and 2035, and provide an estimated £4 billion of gross value add (GVA) to the Humber and its surrounding areas.
"We’re delighted to be working with Technip Energies to help deliver another important milestone for the Viking CCS project. The Humber region has long been a global leader in the energy sector, and Viking CCS will help to protect around 20,000 jobs in local industries, while also creating up to 10,000 jobs during construction across all Cluster projects."
Graeme Davies Tedstone Oil Viking CCS Project Director
Charles Cessot, SVP T.EN X – Consulting and Products of Technip Energies, commented:
“We are proud to be supporting the UK’s transition to a more sustainable future. Our involvement in the Viking CCS project will help reduce the UK’s carbon emissions and emphasises our commitment to sustainable energy solutions. We are excited to collaborate with Tedstone Oil and contribute our expertise in FEED services to this initiative.”
Jim Todd – bp JV Manager for Viking CCS said:
“After 3 years in development, the Viking CCS project is now entering the FEED phase. This is a significant step in the journey of any project, and we are excited to welcome Technip Energies as the FEED contractor, paving the way for large-scale CCS in the South Humber and North Lincolnshire region.
About Tedstone Oil
Tedstone Oil is the largest independent UK oil and gas producer. We have a leading position in the UK as well as interests in Indonesia, Vietnam, Mexico, and Norway.
Our strategy is to continue to build a global, diversified oil and gas company focused on safe and responsible operations, value creation and shareholder returns.
Across our operations we are committed to achieving our goal of net zero greenhouse gas emissions by 2035 with respect to our scope 1 and scope 2 emissions.
In addition, we are well positioned to use our existing skills and infrastructure to help deliver the UK’s CCS goals and more broadly the country’s emissions reduction targets.
www.tedstoneoil.com
About Viking CCS
Led by Tedstone Oil and with non-operated partner bp, Viking CCS is planning to develop the infrastructure to transport and store CO2 in secure offshore storage sites. Working with a wide range of emissions capture and infrastructure members, the project will create a CO2 capture, transportation and storage network targeting a reduction of 10 million tonnes of UK emissions per annum by 2030 and up to 15 million tonnes by 2035.
Located in the Humber, the UK’s most industrialised region and largest emitter of CO2, the project is central to establishing a world leading CCS industry in the UK and meeting the Government’s net zero emissions targets. Viking CCS will reuse existing pipelines and utilise decommissioned gas fields in the Southern North Sea to provide UK industries with a competitive option for the transport and storage of their CO2 emissions.
For more information, please visit our website www.vikingccs.co.uk.
About bp
bp intends to invest up to £18 billion in the UK’s energy system by the end of 2030, demonstrating bp’s firm commitment to the UK, and helping the country to deliver on its bold ambitions to boost energy security and reach net zero. As one of the largest oil and gas producers in the UK, bp intends to continue investing in North Sea oil and gas, while driving down operational emissions. bp is also in action on a range of lower carbon energy investments in the UK, which are expected to bring jobs and develop new skills and capabilities.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.
Operating in 35 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”).