Neptune Energy said it planned to exceed net zero targets and store more carbon than it emits by 2030 from its operations in the North Sea.
CCS
The company is working on two carbon capture and storage (CCS) developments in the Dutch and UK sectors of the North Sea.
In a statement Neptune added that the developments could see the company store more than nine million tonnes of CO2 emissions per year for third parties by the end of this decade.
ELECTRIFICATION
The company has initially chosen Norway to introduce electrification to decarbonise some of its highest producing assets.
“By the end of 2022, more than 35 kboepd of Neptune’s net annual production will be electrified,” added Neptune.
“With further projects planned in Norway, the company aims to have around 50 kboepd electrified by 2027.”
INTEGRATED ENERGY HUB
The company said it would utilise existing infrastructure and capability to integrate energy systems.
It would also progress offshore decarbonisation by “extending the life of offshore assets and repurposing them to facilitate CO2 storage and hydrogen production.”
GAS
Chief executive Pete Jones added that Neptune had one of the lowest carbon intensities in the sector due to steps already taken to reduce emissions.
“We have both the infrastructure and the experience with electrification and CCS to now accelerate our ambitions.
“Gas will continue to play a crucial role in decarbonisation globally, while also being vital for energy security.
“Our gas-weighted portfolio positions us well and we will use this to integrate energy systems, increasing CO2 storage, electrification and hydrogen production, with the aim of storing more carbon than we emit by 2030.”