Hoegh LNG, Aker BP team up for carbon transport, storage solutions

Hoegh LNG and Aker BP on September 4 announced a strategic partnership to develop a fully comprehensive carbon transport and storage offering for industrial CO₂ emitters in Northern Europe.

The agreement combines the companies' respective strengths, expertise, and technologies to establish a value chain for CCS on the Norwegian Continental Shelf that includes gathering, transporting and securely injecting CO₂ for permanent storage in subsea reservoirs.

Under the terms of the agreement, Hoegh LNG will spearhead the further development of its concept of floating CO₂ storage units enabling purification and aggregating CO₂ from multiple emitters in key export hubs. Such units will make it possible to offer cost efficient solutions also to smaller emitters that would otherwise not be able to develop solutions on their own, the companies said.

The liquified CO₂ will be transported by CO₂ shuttle tankers at low pressure resulting in larger transportation capacity and lower CO₂ unit cost due to scale. Aker BP will lead the development of offshore injection facilities and identify suitable subsea reservoirs for CO₂ storage.

The agreement is expected to be finalised in the coming months.