An agreement has now been reached between the parties involved in a large-scale CO2 storage project aimed at securing carbon storage in the North Sea. With the final investment decision, INEOS Energy, Harbour Energy, and the Danish North Sea Fund can now announce that, as the first in the EU, they will begin storing CO2 underground in the North Sea in 2025/2026.

Last year, Project Greensand was the first in the world to demonstrate that safe, cross-border transportation of CO2 for injection into a depleted oil field is possible.

Now, the partners behind Project Greensand are taking the next step with a final investment decision (FID) to invest $150 million in commercial agreements across the entire value chain, from CO2 emitters to logistics, storage, and shipping.

“This is a breakthrough for CO2 capture and storage. Greensand Future will be the first operational CO2 storage facility in the EU and will contribute to both Denmark’s and the EU’s climate goals,” said Sir Jim Ratcliffe, Chairman of INEOS.

This is a breakthrough for CO2 capture and storage.

Sir Jim Ratcliffe, Chairman of INEOS

The goal of Greensand Future is to store up to 400,000 tonnes of CO2 annually in the initial phase, with plans to increase capacity to up to 8 million tonnes annually by 2030. This will significantly contribute to achieving Denmark’s target of climate neutrality by 2045.

“With Greensand Future and the establishment of the full value chain, we are sending an important signal to Danish and European emitters currently considering large-scale CO2 capture projects: It can be done,” said Mads Gade, Country Manager for INEOS Energy Denmark.

The decision was announced earlier today at a press conference hosted by Danish Shipping. It marks a milestone in the green transition for both Denmark and the EU. The news has been warmly received by Danish Shipping, where members are eager to contribute to the initiative.

“Today’s announcement shows that INEOS and Project Greensand are paving the way for what will hopefully become a significant future for offshore CO2 storage in Denmark. Danish shipping companies are ready to play a central role in the process, whether it’s transporting CO2 or servicing offshore storage facilities, thereby contributing to establishing Denmark as a key EU hub for CO2 storage,” says Anne H. Steffensen, CEO of Danish Shipping