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.
Gavin Templeton, CEO of Veri, said, “We look forward to working with 7CO2 to provide an alternative competitive merchant Non-Pipeline Transportation 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."
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 incorporate well understood reservoirs in locations which are accessible from our existing infrastructure, including the 200km East of Shetland Pipeline System and the Magnus offshore platform. These four licensed sites include more than 300 million tonnes of total storage capacity, while the existing infrastructure has potential for up to 10 million tonnes per annum of storage, ramping up from as early as 2028/2029.
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.