BP, Eni, Equinor, Shell and Total have joined the UK’s first net zero industrial cluster.
In partnership with the Oil and Gas Climate Initiative (OGCI), the consortium will help accelerate the Net Zero Teesside project. The Net Zero Teesside project aims to decarbonize local industry by building a transportation and storage system to gather industrial carbon dioxide, compress it and store it safely in reservoirs underneath the North Sea.
BP will take over from OGCI Climate Investments, the more than USD $1 billion investment fund of the OGCI, to lead the initiative previously known as the Clean Gas Project.
The energy giants will bring their experience of carbon capture, utilization and storage (CCUS) technology and aim to collaborate with both the UK government and local stakeholders to launch the project in 2020.