A proposed carbon capture, storage and transport project in the Humber region could unlock billions of pounds of investment and help the UK meet its ambitious net zero goals, according to Harbour Energy.
The UK’s largest oil and gas producer has issued a report setting out the economic benefits of its planned carbon capture cluster in the Southern North Sea, overseen by Harbour’s specialist group Viking CCS.
The Viking CCS cluster could transform Humber into the centre of the UK’s net zero strategy, unlocking up to £7bn of investment across the full CO2 capture, transport and storage value chain from 2025 to 2035.
Harbour argues such a project would play a role in decarbonising inward investment and attracting new industries.
The report highlights how the project can help address the challenge faced by emitters beyond the Humber that have no access to carbon capture infrastructure through the future development of both shipping and additional pipeline networks.
This is appealing to Downing Street with the government targeting net zero carbon emissions over the next three decades.
Harbour also argues the project can support the development of new critical infrastructure over the next decade, providing an estimated £4bn of gross value to the region and creating up to 10,000 new jobs during its construction.
The project missed out on the first round of approved cluster projects, known as Track 1, which were announced two years ago.
Instead, Viking CCS is pushing to be part of the upcoming Track 2 process – which has been delayed from last year and is now due to begin this spring.
Harbour has previously said it is “crucial” that the government “proceeds swiftly” with the Track 2 process, however Westminster is yet to confirm a specific timeline.
Graeme Davies, Harbour Energy’s Viking CCS project director, said: “Harbour Energy’s Viking CCS project is uniquely positioned to transform the Humber into the UK’s leading carbon capture and storage hub.
“Alongside our cluster members, we have a clear pathway to delivering one-third of the UK’s carbon capture target of up to 30m tonnes by 2030. We encourage the government to act swiftly and announce its plans for the Track-2 cluster sequencing process.”
Earlier this month, Harbour received independent verification that its planned Viking scheme is capable of holding up to 300m tonnes of CO2.