Full financial grant to CO2 storage project
Blue Water is a part of Project Greensand which is established to store CO2 in the North Sea
It has been decided to grant full financial support of 272 million Danish Krones (36,5 million EUR) to CO2 storage in the oil fields of the North Sea by the Danish Ministry of Climate, Energy and Utilities. In December 2020, several Danish political parties settled a North Sea agreement, which was effected to develop and carry out on CO2 storage in the North Sea.
Until yesterday, it was uncertain which parts of the project would get the financial support from political side as several candidates had applied funding. The largest grant – of 197 million Danish Krones (26,5 million EUR) - was given to the Greensand Project, which Blue Water is a part of and gives considerable contributions to.
It is a part of the strategy at Blue Water to participate in and contribute to the green transition. For this reason, the participation in the Greensand Project is particularly meaningful:
“We love challenges like this at Blue Water. The engagement in the Greensand consortium is very important to us and is in line with our strategy of a sustainable future ”, says Allan Leiberg who is Business Development Manager at Blue Water, Energy & Projects.
A total storage potential of 24 million tonnes of CO2 each year
The storage potential in Project Greensand is 500,000 to 1 million tonnes of CO2 per year from 2025, increasing to 4-8 million tonnes of CO2 per year by 2030. This means that the Greensand area can account for all the CO2 storage proposed in the Danish Climate Programme.
With almost 50 years of experience within the Oil & Gas industry and 25 years within Wind Logistics, Blue Water has the in-house specialists it takes to succeed with the Greensand Project: technical engineers, safety specialists and project managers. With this, all logistics and transports are bound together by Blue Waters experienced employees.
With the financial support, the consortium behind the project is now ready to enter the next phase. The support will initiate the preparations for CO2 storage starting up in 2022 already.
