Latest news with #Hynet
Leader Live
5 days ago
- Business
- Leader Live
Roman artefacts found along Hynet project pipeline route
An archaeological investigation plan has been submitted to Flintshire County Council before work on the new pipeline takes place. The project involves the construction of a 26km underground pipeline from Elton, Cheshire to the Point of Ayr gas terminal in Talacre - work on which is expected to start this summer. At the Point of Ayr gas terminal, it will then transport carbon dioxide to a platform in the Douglas oil and gas field in the Irish Sea where it will be pumped into depleted oil and gas reservoirs rather than released into the atmosphere. The pipeline will capture 109 million tonnes of carbon over 25 years during phase one of operation - equivalent to taking 60.1 million cars off the road for a year. (Image: Hynet project) A Written Scheme of Investigation (WSI) has been submitted to Flintshire Council - setting out how archaeological investigation will take place along the route ahead of construction. A total of 79 targeted trial trenches were located to test - of which 45 have already been completed as part of an earlier phase. Oxford Archaeology were commissioned to undertake the trial-trench evaluation on the 26km route of new pipeline. Eight of the trenches in Cheshire West revealed a total of 13 archaeological features, alongside a small group of artefacts from just three trenches. A trench to the south of Saughall, near Chester, produced the most significant archaeological features identified by the evaluation; comprised a cobble and sandstone surface (perhaps a footing for a building)and a step-profiled ditch. Both were associated with Roman pottery, ironwork, and glass dating to the mid-second to mid-third century AD. MORE NEWS: Of the 22 trenches in Flintshire, 14 revealed archaeological features - the earliest datable feature comprised a single pit found on gently sloping ground at Pentre Halkyn, which contained Bronze Age pottery. The report states that the results of further investigation work to take place will "inform development of an appropriate mitigation strategy for any significant archaeological remains". If the evaluation reveals little of archaeological significance, then no further work may be necessary. Liverpool Bay CCS seeks approval from Flintshire Council to approve the Written Scheme of Archaeology - which is needed for work to commence.
Yahoo
28-05-2025
- Business
- Yahoo
Eni enters exclusivity agreement with GIP for sale of 49.99% stake in CCUS business
Eni has entered into an exclusivity agreement with Global Infrastructure Partners (GIP), a global infrastructure investor and a part of BlackRock. This agreement is intended to advance the confirmatory due diligence process and finalise the documentation for the sale of a 49.99% co-control stake in Eni CCUS Holding. Eni CCUS Holding is a 'leading player' in the European carbon capture, utilisation and storage (CCUS) sector, operating projects such as Hynet and Bacton in the UK, and L10 in the Netherlands. It also holds the future right to acquire the Ravenna project in Italy, contingent upon regulatory and market developments. In the medium to long term, there is potential for expanding this platform with additional CCUS projects, according to Eni. As per the final agreement being negotiated, in addition to initially acquiring a 49.99% stake in Eni CCUS Holding, GIP will also back investments in the CCUS projects. This move is part of Eni's satellite model strategy to draw strategically aligned capital from 'valuable new partners at attractive terms'. Eni stated that this approach underscores the value it is generating in its new energy transition-related ventures and funding further growth. The agreement comes after a 'thorough' selection process that involved many international players expressing interest in the company. CCUS technology is recognised as a mature and safe method for reducing emissions, especially for industries where decarbonisation is challenging, while also being considered a crucial component of the energy transition. Last month, Eni achieved financial close with the UK's Department of Energy Security and Net Zero (DESNZ) for the Liverpool Bay CCS (carbon capture and storage) project. This enables the project to proceed to the construction phase, stimulating local supply chain investment. Eni is also the operator of the CO₂ transport and storage system for the HyNet Industrial Cluster. "Eni enters exclusivity agreement with GIP for sale of 49.99% stake in CCUS business" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
- Yahoo
Eni in talks with GIP for sale of 49.99% of carbon capture unit
By Francesca Landini MILAN (Reuters) -Eni has entered exclusive talks to sell a 49.99% stake in its carbon capture, utilisation and storage (CCUS) business to BlackRock's infrastructure fund GIP, the Italian energy group said on Tuesday. The move is part of Eni's broader strategy to develop dedicated units - or satellites - and sell minority stakes in them to fund their growth. That allows Eni to expand its low-carbon businesses while preserving its capacity to invest in oil and gas activities, Chief Transition and Financial Officer Francesco Gattei recently said. Eni CCUS Holding includes the Hynet and Bacton projects in Britain and L10 in the Netherlands, and has future rights to acquire Italy's carbon capture project in Ravenna. According to the agreement under negotiation, GIP will not only acquire a stake but also support investments to develop the CCUS projects, Eni said in a statement. The Italian group said the agreement came after a selection process among several suitors. Sources told Reuters in March that GIP, HitecVision, Macquarie, Italy's Snam and Thailand's PTT Exploration and Production Public Company had presented non-binding bids for the business. CCUS technology removes CO2 produced by industrial processes from the atmosphere or captures it at the point of emission and stores it underground. The International Energy Agency says the technology can play a vital role in achieving global climate goals. But critics say it risks prolonging the use of fossil fuels and question its commercial viability. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
07-02-2025
- Business
- Yahoo
Billpayers face £800 hit from Miliband's carbon capture gamble
Ed Miliband's decision to spend £22bn on 'unproven' carbon capture technology is a high-risk 'gamble' that will have a 'significant' impact on bills, MPs have warned. A damning report from the Commons Public Accounts Committee (PAC) said the technology had never been tested, was likely to prove very expensive and may not work. Mr Miliband, the Energy Secretary, has said the UK can only reach net zero by deploying carbon capture and storage (CCS), where CO2 from power stations and factories is captured and buried underground. The Government has committed to investing £22bn into the technology, most of which will be loaded on to consumer bills and cost the equivalent of £800 per UK household. MPs said Mr Miliband had not properly investigated whether the technology was affordable and raised the alarm about the viability of the technology. The PAC report said: 'The Government's backing of unproven, first-of-a-kind technology to reach net zero is high risk. 'We are calling on the Government to assess whether its full carbon capture, usage and storage (CCUS) programme will be affordable for taxpayers and consumers, given wider pressures on energy bills and the cost of living.' The report, based on evidence from multiple experts, points to growing doubts over whether the technology can ever be viable. It said: 'There are no examples of CCS technology operating at a commercial scale in the UK, meaning the performance of early projects is uncertain. 'Evidence submitted raises concerns that CCS may not capture as much carbon as expected and experience from Norway suggests that performance on the scale expected by the Department for Energy Security and Net Zero is far from guaranteed.' It added: 'The costs of the CCUS programme are significant: in November 2024 the Government announced £21.7bn of funding over 25 years to cover only the first five CCUS projects.' Schemes under way include Hynet, designed to capture CO2 from industries in Northwest England and North Wales and pipe it into depleted gas fields in Liverpool Bay; the East Coast Cluster in Teesside and the Humber; and the Acorn project in north-east Scotland. The report said: 'The Department [of Energy Security and Net Zero] has not indicated the likely cost of these projects. The Department and HM Treasury expect that around 75pc of the cost of supporting these early projects will be met by levies on consumers who are already facing significant financial pressures, with the remainder funded by the Exchequer.' Responding to the report, Richard Tice, energy spokesman for the Reform Party, said: 'This is another cost threatening to impoverish the UK for a technology that will not work.' Mr Miliband launched the UK's carbon capture programme last October, with direct support from Sir Keir Starmer and Rachel Reeves. In a joint statement they said the technology would 'create 4,000 new jobs, sustain important British industry, and help remove over 8.5m tonnes of carbon emissions each year – the equivalent of taking around 4m cars off the road'. Ms Reeves said carbon capture was 'at the heart of our plan to deliver strong growth and investment, so we can rebuild Britain and make everyone better off'. Carbon capture forms a key part of Mr Miliband's plans to decarbonise Britain's power system by 2030. It will be relied on to strip up to 30m tonnes of CO2 from UK emissions each year by 2030 – and more than 100m tonnes by 2050. Ministers hope the technology can 'green' power stations and energy-intensive industries that still burn fossil fuels or wood. Emissions are passed through a process that strips out waste CO2. This is then compressed into a liquid and pumped deep underground for permanent storage, eventually reacting with and becoming part of the surrounding rocks. In practice, however, no one has succeeded in developing a full-scale operating carbon capture system, partly because of engineering problems but also because of the huge costs. Scientists estimate that capturing and burying the CO2 generated by a typical gas-fired power station could absorb 20pc of its energy production. A separate report by the National Audit Office raised similar concerns about the technology last year. It said: 'There is a particular risk associated with the technology being unproven at the scale being planned, and with dependence on specialist expertise and equipment. 'For example, one of the UK emitter projects is planning to build a gas-fired power station with carbon capture, but this would be 40 times larger than any existing examples globally.' The Department for Energy Security and Net Zero was asked for its response. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
