Horisont Energi and Neptune Energy will apply for the announced license to operate a CO2 storage in the North Sea

02 Nov 2022 15:34 CET

Sandnes, Norway 2 November 2022 – Following today’s announcement from the
Norwegian Petroleum Directorate Horisont Energi (EURONEXT: HRGI) and Neptune
Energy will apply for the license to operate the announced area for CO2 storage
in the Norths Sea. The two companies will apply together where the intention is
that Neptune Energy will have the operatorship for the development phase and
Horisont Energi will take over as an operator when the Errai project is in
operation in 2025.

This is an exciting and decisive step moving forward on the development of the
Errai project. We have an effective team who put in a lot of effort to
accommodate the demand for CO2 storage from industrial customers in Europe and
Norway. We are already in dialogue with suppliers for the offshore reservoir,
shipping, and the onshore CO2 terminal. It is a pleasure to observe the
enthusiasm among different suppliers in the market, says Bjørgulf Haukelidsæter
Eidesen.

Errai can store 4-8 million tonnes of CO2 annually, with the potential to store
more in later phases. The project includes an onshore terminal for intermediate
CO2 storage, with the intention to permanently store the CO2 in an offshore
reservoir. The onshore terminal would be capable of receiving CO2 from European
and domestic customers, including volumes from a planned development of a CO2
terminal in the port of Rotterdam. We are evaluating various locations for the
onshore CO2 terminal in the southern part of Norway.

We have a dedicated team with a common goal to be an early “re-mover” in the
carbon capture and storage (CCS) business. Time is of essence to reach Net Zero
by 2050. We believe that CCS is an important new industry that will contribute
to remove large volumes of CO2 from the atmosphere.

Here is a link to the announcement from the Norwegian Petroleum Directorate:
https://www.npd.no/en/facts/news/general-news/2022/announcement-acreage-for-co2-
storage-on-the-norwegian-continental-shelf2/


About Horisont Energi
Horisont Energi (EURONEXT: HRGI) is a Norwegian clean energy company that will
provide clean energy and carbon transport and storage services. The company will
transform gas into cost-leading ammonia and hydrogen and offer CO2
transportation and storage solutions using proprietary technology, paving the
way for a low carbon economy. The company was founded in 2019 and is
headquartered in Sandnes, Norway.
www.horisontenergi.no

About Neptune Energy
Neptune Energy Norge is an independent global E&P company with operations across
Europe, North Africa, and Asia Pacific. The business had a production of 130,000
net barrels of oil equivalent per day in 2021 and 2P reserves on 31st December
2021 of 604 million barrels of oil equivalent. Neptune Energy aims to store more
carbon than is emitted from its operations and the use of its sold products by
2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by
Carlyle Group and CVC Capital Partners.
www.neptuneenergy.com


For information please contact:
Bjørgulf Haukelidsæter Eidesen
+47 990 36 892
bhe@horisontenergi.com

Siri Melberg
+47 470 35 718
sm@horisontenergi.com

Neptune Energy Norge
Liv Jannie Omdal
+47 97 66 71 37
liv.jannie.omdal@neptuneenergy.com

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