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North Sea can be Europe’s CCUS epicentre, says report

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A new report has found that the North Sea can provide the bulk of Europe’s CCUS needs over the coming decades, with around 100 sites required by 2050.

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Published by energy consultancy Xodus, the report assessed 560 potential storage sites in the North Sea basin, as well as existing gas pipelines and potential new infrastructure required to service predicted CCUS demand. In the decade ahead, it forecasts that up to 100 per cent of European CCUS projects will be ‘anchored in the North Sea’.

As the market matures, Xodus believes this share will drop, though it still expects the basin to account for 60 per cent of Europe’s predicted 500 megatonnes per annum (MTPA) CCUS market in 2050. According to Xodus CEO Steve Swindell, existing oil & gas expertise and infrastructure can also play a significant role in the North Sea’s transition from fossil fuel extraction to carbon sink.

“If we’re to get to net zero in an orderly and timely manner, pioneering technologies like CCUS are a necessity, not an option,” said Swindell. “Fortunately, the North Sea’s world-class oil and gas industry provides the perfect foundation for the rollout of carbon capture, with the potential to repurpose and build around existing infrastructure.

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CCUS
North Sea