Harbour Energy and BP have formed a partnership in the Humber

Harbour Energy PLC (LSE: HBR) and BP PLC (LSE: BP.) have partnered to develop the Viking carbon capture transportation and storage (CCS) project in the Humber region.

Harbour Energy will continue as the project operator and hold a 60% stake, while BP will have a 40% non-operated stake. The Viking CCS project has the potential to capture and store up to 30 million tonnes of CO2 annually by 2030, which would meet one-third of the UK government’s target.

The project has been recognized as one of two leading transport and storage system contenders by the government’s Track 2 CCS cluster sequencing process.

The Viking project could attract up to £7bn in investment and create over 10,000 jobs during construction while providing £4bn of gross value to the Humber and surrounding areas. The project has access to a planned CO2 shipping terminal at Associated British Ports’ Port of Immingham and will repurpose the Lincolnshire Offshore Gas Gathering System pipeline.

A final investment decision is expected in 2024, with potential operation by 2027 and a storage capacity of up to 10 million tonnes of CO2 per year by 2030. Harbour Energy CEO Linda Cook believes the project is crucial for the UK to meet its emissions reduction targets.

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