In line with the EU’s Industrial Carbon Management Strategy and the Clean Industrial Deal, the European Commission has adopted a Delegated Regulation identifying the European oil and gas producers required to provide new CO₂ storage solutions by 2030. The regulation also specifies the calculation rules that apply to them.

According to a statement from the Commission published on 22 May, the 44 oil and gas companies identified must contribute to achieving the EU target in proportion to their share of the Union’s crude oil and natural gas production from 2020 and 2023. They must also provide operational CO₂ injection capacity by 31 December 2030 in geological storage sites, permitted in accordance with the Carbon Capture and Storage (CCS) Directive (2009/31/EC)for companies that capture CO₂ to reduce their emissions.

The EU’s collective target of 50 million tonnes of annual CO2 injection capacity into geological CO₂ storage sites by 2030 was established by the Net-Zero Industry Act. The identified projects will accelerate the development of Industrial Carbon Management solutions and play a key role in the decarbonisation of hard-to-abate industries across Europe.

Each required storage site will be recognised by Member States as a Net-Zero Strategic Project within the CO₂ value chain, which can include the CO₂ capture and associated transport infrastructures.

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