Veri Energy has signed a memorandum of understanding (MOU) with Severnside Carbon Capture and Shipping Hub (7CO2) to explore carbon dioxide (CO₂) storage solutions.
The partnership focuses on transporting CO₂ from the Avonmouth Cluster to Veri’s carbon storage project at the Sullom Voe Terminal in the Shetland Islands.
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The CO₂ will be conditioned and stored before being sent via EnQuest’s pipeline to a storage reservoir under the North Sea.
Veri CEO Gavin Templeton said: “We look forward to working with 7CO2 to provide an alternative competitive merchant Non-Pipeline Transportation (‘NPT’) solution to 7CO2’s existing plans to be part of a DESNZ Track 2 Carbon Capture cluster.
“This partnership has the potential to help streamline and reduce full-cycle carbon capture costs, bring resilience to 7CO2 and its emitter partners, and provide an optimum ‘value for money’ carbon capture and storage [CCS] solution.”
In May 2023, Veri received four carbon storage licences from the North Sea Transition Authority as part of the regulator’s first offshore carbon storage licensing round in the UK.
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By GlobalDataThese licences cover reservoirs accessible from existing infrastructure including the East of Shetland Pipeline System and the Magnus offshore platform.
The licensed sites offer more than 300mt of storage capacity, with potential for up to 10mt per annum from 2028/29.
The Shetland Islands’ strategic location allows Veri to import and store CO₂ from isolated emitters in the UK, Europe or beyond.
This development aligns with the increasing demand for scalable carbon capture solutions across various industrial sectors.
In a related development, Technip Energies and Shell Catalysts & Technologies have reached a global exclusivity agreement to deliver amine-based post-combustion carbon capture using Shell’s CANSOLV CO₂ Capture System. This alliance aims to make carbon capture accessible for industry needs.
Additionally, UK Chancellor Rachel Reeves announced plans to commit nearly £22bn ($28.97bn) to fund CCS projects in two clusters in the north of England.
The funding, spread over 25 years, will support projects to secure carbon emissions from energy producers, wider industry and hydrogen power production.
