Following the UK’s release of its Powering Up Britain document earlier this month and the nominating of eight Track-1 carbon capture and storage projects, BP is to buy a 40% stake in the Viking CCS project from Harbour Energy.

Viking aims to capture and store up to 10 million tonnes of CO₂ per year by 2030, the storage site being depleted gasfields off the coast of the Humber region. While it is a Track-2 project, the announcement of the Track-1 projects has nevertheless brought the prospect of funding for and approval of the Track 2 projects closer. The Financial Times understands that BP will take on 40% of the project’s costs in taking the commensurate stake. Louise Kingham, BP’s head of country for the UK, said of the deal that the company’s “entry into Viking CCS demonstrates BP’s commitment to Backing Britain through substantial investment and helping the country achieve its net zero goals”.