Veri Energy Signs MoU with Severnside Carbon Capture Hub

Veri Energy Limited (‘Veri’) is pleased to announce the signing of a Memorandum of Understanding (‘MoU’) with Severnside Carbon Capture and Shipping Hub Ltd (‘7CO2’) to explore sending CO2 from the Avonmouth Cluster emitter portfolio to Veri’s merchant carbon storage project being developed at the Sullom Voe Terminal (‘SVT’) in the Shetland Islands. This collaboration represents a significant step in developing innovative solutions for carbon capture and storage.

Under the MoU, Veri would receive shipped CO2 from Avonmouth at our existing port facility at SVT, condition and store the CO2 before sending it via EnQuest’s 100%-owned pipeline to a storage reservoir under the North Sea. This initiative leverages existing infrastructure to maximize efficiency and sustainability.

Gavin Templeton, CEO of Veri, 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 solution.”

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Expanding Carbon Storage Capacity

Veri received four carbon storage licences from the North Sea Transition Authority in May 2023 in the regulator's first UK offshore carbon storage licensing round. These licences include well-understood reservoirs accessible from Veri’s existing infrastructure, such as the 200km East of Shetland Pipeline System and the Magnus offshore platform.

These four licensed sites boast more than 300 million tonnes of total storage capacity. The existing infrastructure offers potential for up to 10 million tonnes per annum of storage, ramping up as early as 2028/2029. This capacity underscores Veri’s commitment to addressing large-scale carbon storage needs.

Strategic Location for CO2 Import and Storage

The strategic location of the Shetland Islands provides Veri with the opportunity to import and store CO2 from isolated emitters in the UK, Europe, or further afield. This geographical advantage enables scalable and flexible solutions for decarbonizing diverse industries.

About Veri Energy Limited

Veri Energy Limited is an energy transition company focused on developing a portfolio of projects at the Sullom Voe Terminal in Shetland Islands, delivering energy security and decarbonization of existing infrastructure assets. Our flagship carbon storage project is supplemented by hydrogen & derivatives, and renewable power. Veri is a wholly-owned subsidiary of EnQuest plc. For more information, visit www.verienergy.com.