Amplus Energy, EnQuest’s Veri Energy, and Ocean Power Technologies have signed a memorandum of understanding (MoU) to curb the carbon footprint of oil and gas installations in the UK and Norway.

In terms of the agreement, Veri Energy will provide a carbon store to support the deployment of Ocean-Power’s approach to generating electricity offshore from externally sourced natural gas with integrated carbon capture technology.

The generated electricity will be sent from the generation hub in the UK Northern North Sea to several nearby oil and gas installations in Britain and Norway, providing a source of power the parties have described as reliable, cost-competitive, and low in carbon intensity.

Their approach, they say, will avoid the complexity and challenges of connecting to grid infrastructure. The captured CO₂, which is anticipated to be up to 1 million tonnes per annum, will be transported a short distance to Veri Energy’s planned carbon storage hub for permanent sequestration.

Veri Energy holds four carbon storage licenses and plans to leverage the experience of its parent company, EnQuest, in operating complex infrastructure assets, and working with stakeholder groups to move towards a net zero carbon future.

The firm seeks to repurpose existing infrastructure around the Sullom Voe Terminal, encompassing the 200 km East of the Shetland pipeline to develop CO₂ reception and storage facilities capable of receiving and securely storing up to 10 million tonnes of CO₂ annually from isolated emitters in the UK, Europe, and beyond.