Horisont Energi is assessing additional CO2 storage options to Polaris as part of the work towards the concept select decision for the clean ammonia project Barents Blue. Recent development for CO2 storages in the North Sea has provided new alternatives, and thus optionality, for the Barents Blue project that were not available when the project was launched.
An alternative CO2 storage in the North Sea will reduce capital requirements both in the development and construction phase, and project on project risks will be reduced. This will allow Barents Blue to explore the commercial potential, recognising that the OPEX is expected to increase because of the transportation cost from Barents Blue. There are several licenses for CO2 storage in the North Sea that have stipulated a timeline in line with the Barents Blue milestones, which also makes it relevant for us to consider these possibilities.
'Since the award of the Polaris licence in 2022 there has been several new CO2 exploration licences awarded in the North Sea. Some of these licences have matured and are well into project development. This provides new options for the Barents Blue project that we as a prudent project developer must explore', say Co-CEOs Bjørgulf Haukelidsæter Eidesen and Leiv Kallestad.
Barents Blue considers an alternative CO2 storage in the North Sea as an interesting option for the project and has worked with this for some time, and therefore intends to continue processes with alternative storages up until the concept select decision later this year.
About the Barents Blue project
The Barents Blue project, being developed by Horisont Energi and Fertiberia, is a clean ammonia plant located at Markoppnes in Northern Norway. The annual production for the first phase of the project will be 1 million tonnes. With a best-in-class carbon capture rate above 99% this will be the most energy-efficient clean ammonia plant in the world, well-aligned with the EU taxonomy. Barents Blue has already secured sufficient power supply for the first phase of the project. The Barents Blue project is supported by a grant of NOK 482 million as part of the EU IPCEI hydrogen program, Hy2Use. The project targets final investment decision 2026 and estimated production start in 2029/2030.
Source: Horisont Energi
