Latest news with #INEOSEnergy
Fibre2Fashion
15-05-2025
- Business
- Fibre2Fashion
INEOS Energy & Royal Wagenborg launch Europe's first COâ carrier
INEOS Energy and Royal Wagenborg have launched and named the first European built offshore CO2 carrier to enable carbon capture storage across Europe. The launch and naming of Carbon Destroyer 1 marks a defining moment in the development of Project Greensand and the EU's first commercial -scale carbon capture and storage (CCS) value chain. INEOS Energy and Royal Wagenborg have launched and named Carbon Destroyer 1, the first European-built offshore COâ‚‚ carrier designed to support carbon capture and storage across Europe. This milestone marks a significant step in advancing carbon reduction efforts and enabling large-scale COâ‚‚ transport, reinforcing Europe's commitment to sustainability and climate action. Lady Catherine Ratcliffe, as Godmother of the vessel, performed the traditional naming ceremony, to launch the carrier at the Royal Niestern Sander shipyard in the Netherlands, as part of a close partnership between Royal Wagenborg and INEOS Energy. Maritime innovation meets climate action The Carbon Destroyer 1 carrier is based on Wagenborg's EasyMax design and has been specially adapted for handling CO2 under pressure and at low temperatures. It is built to the highest safety and environmental standards, aligning with maritime sustainability goals. Through Project Greensand, Denmark is positioning itself as a hub for CO2 storage in Europe, and Carbon Destroyer 1 will connect emitters with permanent, commercial scale offshore CO2 storage. Mads Weng Gade, CEO of INEOS Energy Europe , says: 'Carbon destroyer 1 will transport captured CO2 from across Europe, creating a virtual pipeline between the point of capture and permanent storage deep beneath the seabed of the North Sea. The delivery of the first dedicated offshore CO2 carrier is a prerequisite for commercial scale CCS across the continent.' The vessel is expected to be fully operational by the end of 2025 or early 2026 – when Project Greensand's is due to begin permanent commercial scale CO2 storage operations. New CO2 terminal in Esbjerg will serve as key onshore hub The vessel will operate between the Port of Esbjerg in Denmark and the Nini West offshore platform. In Port of Esbjerg construction is currently underway on a new CO2 terminal, which will serve as the onshore hub for receiving, storing, and loading liquefied CO2 onto the vessel. Once established, the terminal will include six large storage tanks and essential infrastructure to support continuous and scalable CO2 transport to the offshore storage site. Captured CO2 – initially from Danish biogas plants – will be delivered to the terminal by truck, temporarily stored, and then transferred to Carbon Destroyer 1. From there, the vessel will sail to the Nini Field, where the CO2 will be injected over 1,800 metres beneath the seabed into depleted oil reservoirs that have been certified for safe, long-term storage. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. Fibre2Fashion News Desk (HU)
Yahoo
04-04-2025
- Business
- Yahoo
INEOS Energy finalises acquisition of CNOOC's US Gulf assets
INEOS Energy has completed the acquisition of China National Offshore Oil Corporation's (CNOOC) US Gulf business from the latter's subsidiary, CNOOC Energy Holdings USA. The move enhances INEOS Energy's global production to more than 90,000 barrels of oil equivalent per day (boepd). This acquisition marks INEOS Energy's third major investment in the US in three years, following a deal to purchase 1.4 million tonnes per annum (mtpa) of liquefied natural gas from Sempra and the acquisition of Chesapeake Energy's South Texas oil and gas assets in December 2022 and May 2023, respectively. The recent acquisition includes a portfolio of non-operated assets centred around two deep-water early production sites, Appomattox and Stampede, in the US Gulf. These assets will complement INEOS Energy's existing US onshore portfolio and strategic partnerships in key US energy projects. The business now transitions into INEOS Energy, further solidifying its presence in the region. CNOOC announced the divestiture of its US assets in December last year, aligning with its strategy to optimise its global asset portfolio. CNOOC has been exploring the sale of its interests in US oil and gas fields since 2022. INEOS Energy CEO David Bucknall said: "The US is a very attractive place for INEOS Energy to invest. This is our third deal in three years following the 1.4mtpa LNG deal with Sempra and the acquisition of Chesapeake Energy's oil and gas assets in South Texas. Total capital spend on energy assets in the US now exceeds $3bn, providing a strong platform for future growth." Meanwhile, CNOOC recently announced a significant oilfield discovery, named Huizhou 19-6, in the eastern South China Sea. The discovery is located at an average water depth of approximately 100m, with oil-bearing formations in the Paleogene Enping and Wenchang Formations. The HZ19-6-3 discovery well reached a depth of 5,415m, revealing 127m of oil and gas reservoirs. "INEOS Energy finalises acquisition of CNOOC's US Gulf assets" 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. Sign in to access your portfolio
