Energy companies Amplus Energy, Veri Energy (a subsidiary fully owned by UK-based petroleum company En Quest) and Ocean-Power are looking to capture and store carbon while separately providing electricity to offshore operations.

Working together, these three companies have signed a ‘memorandum of understanding’ or MoU to lower the carbon footprint associated with petroleum activities.

The plan comprises two main components, those being:

• Carbon storage, as provided by Veri Energy
• Generating electricity to power offshore gas and oil installations through Ocean-Power’s strategy*

*Ocean-Power’s strategy will include using externally sourced natural gas and integrated carbon capture tech.

Veri Energy Eyes Permanent Carbon Storage

It has been reported that the carbon capture element will involve storing as much as 1 million tonnes a year. The carbon is to be transported to a permanent carbon storage hub from Veri Energy.

Also, reportedly, Veri Energy currently has four carbon licenses and, as a subsidiary of EnQuest, intends to use the latter’s experience to manage the operation of complicated infrastructure. Veri Energy also intends to work with stakeholder groups to lower carbon use.

Veri Energy is expected to repurpose infrastructure near the Sullom Voe Terminal (found east of the Shetland pipeline) to receive and store large amounts of CO2 from the UK and abroad.

Net Zero And The Future Of The North Sea Oil And Gas Sector

Plans such as those laid out by the abovementioned trio can help lower the carbon footprint of the North Sea oil and gas sector.

That said, it cannot be denied that the North Sea has seen a sharp decline over the decades.

In fact, earlier this year it was reported that the oil basin produced just 34 million tonnes of oil in 2023, the lowest since operations began in the 1970s.

While the UK oil and gas sector is, on some fronts, pushing toward lower carbon emissions, governmental and private sector trends are moving toward a significant increase in renewables in the years ahead.

An August YouGov poll showed substantial support for renewables, with 86% in favour of solar power, 87% approving tidal power, and 74% favouring geothermal energy.

On the other hand, the same poll found support for fossil fuels to be beneath 50% (and, in some cases, under 20%). Support for increasing the use of fossil fuels such as gas, oil and shale gas all saw figures of less than 10%.

That said, whether or not the North Sea oil and gas sector has a future to some degree or another is yet to be seen.

Amid a green transition that could generate jobs and lower the price of electricity, it’ll be important that the government takes steps to ensure that those employed in the North Sea oil and gas sectors are not left behind with significant job losses a likely outcome over time.

This may include providing a transition from fossil fuel-reliant to renewables offshore employment (e.g. offshore wind or offshore tidal power) or/and employment elsewhere in the energy sector or to other jobs where North Sea workers would have transferable skills.