May 7 (Reuters) - BP(BP.L)(https://www.reuters.com/markets/companies/BP.L) said on Thursday it would sell stakes in two flagship UK carbon capture and storage projects, opening the door to new partners as construction starts at both sites.
The oil major said it plans to sell a portion of its equity in the Net Zero Teesside (NZT) Power project and the Northern Endurance Partnership project (NEP) in Northern England, without disclosing the size of the stakes on offer or potential buyers.
>> In Other News: TotalEnergies Develops Pangea 5, a Next-Generation Supercomputer That Will Increase Its Computing Power Sixfold
Here Are Some Details
"As the NZT Power and NEP projects have reached major milestones, including financial close and the start of construction, BP considers this the right time to sell a portion of its equity in both projects," it said in an emailed statement to Reuters.
Carbon capture is the process of trapping carbon dioxide emissions from sources such as power plants, and storing them underground to prevent them from entering the atmosphere.
Norwegian energy firm Equinor (EQNR.OL), opens new tab and TotalEnergies (TTEF.PA), opens new tab are partners with BP in the NEP project, which is expected to permanently store up to an initial 4 million tonnes of carbon dioxide per year.
The NZT Power project, a joint venture between BP and Equinor, is poised to be the world's first gas power plant with carbon capture, and deliver power to an estimated one million homes in the UK from 2028.
Shell (SHEL.L), opens new tab was also among the original partners in NEP, but pulled out of the project in 2023.
Subscribe to the newsletter
Daily decarbonization data and news delivered to your inbox
Follow the money flow of climate, technology, and energy investments to uncover new opportunities and jobs.
Latest issues
-
They Pulled Hydrogen Straight Out of Rock. A World First.
Inside This Issue 🛢️ No CCUS, No Pipeline: The $100 Billion Bet Behind Alberta's West Coast Oil Route 🌋 GeoRedox and Canada Nickel Launch the World's First Stimulated Geologic Hydrogen Well in Ont...
-
It's Buried. California's First Underground CO₂ Project Goes Live.
Inside This Issue 🏜️ California Resources Corporation Achieves First CO₂ Injection at Carbon TerraVault I, a Major Milestone for Carbon Management in California 💂 Plug and Carlton Power, Barrow Gr...
-
Microsoft's "Pause" Just Produced 650,000 Tonnes of BECCS Microsoft's "Pause" Just Produced 650,000 Tonnes of BECCS
Inside This Issue 🌱 Microsoft's BioCirc Deal Signals BECCS Is Now Bankable 🔎 Hydrogen Exploration in Iowa Well Underway 🛢️ Alberta Sees Oil Sands Deal on Carbon Project Within Two Months 🍁 This Ca...
Company Announcements
-
New guidance gives CDR buyers and project developers practical, contractable guidelines for responsible agricultural residue sourcing — filling a critical gap as biomass-based CDR scales rapidly N...
-
Hydrogen modules measuring 1.92 m² (20.7 ft²), built with SunHydrogen's latest catalyst integration and coating improvements, installed at UT Austin's Hydrogen ProtoHub, demonstrate efficiencies co...
-
Cielo Waste Solutions Corp. (TSXV: CMC; OTCQB: CWSFF) (“Cielo” or the “Company”) is pleased to provide an update on its flagship sustainable aviation fuel (“SAF”) project located in British Columbi...
-
KBR’s PureSAF® Technology Selected for Northen Europe’s Largest SAF and e-SAF Plant by NorSAF
KBR (NYSE: KBR) announced today that NorSAF, one of the leading sustainable aviation fuel (SAF) producers in the Baltics, has selected KBR’s proprietary PureSAF® technology for what is set to becom...