INEOS-led project Greensand and Royal Wagenborg sign agreement on CO2 carrier

Today, in the presence of HM King Willem-Alexander of the Netherlands and HM King Frederik of Denmark INEOS and Royal Wagenborg have signed a landmark agreement on the delivery of CO₂ transportation.

This multi-year agreement, a significant step towards advancing carbon capture and storage (CCS) within the European Union, will see Royal Wagenborg supply a newly built CO₂ carrier dedicated to Project Greensand, led by INEOS with its partners Harbour Energy and Nordsøfonden.

Project Greensand has already marked a world-first achievement by demonstrating the safe, cross-border transport of CO₂ for injection into a depleted oil field. In March 2023, in a historic demonstration of climate action, HM King Frederik of Denmark authorized the first injection of CO₂ into Danish subsoil in the North Sea, marking a crucial advancement for sustainable carbon management in the region.

The agreement with Royal Wagenborg marks the first deployment of a dedicated CO₂ vessel for Project Greensand, a crucial component in establishing a full CO₂ capture, transport, and storage value chain. This purpose-built CO₂ carrier, designed to meet the highest standards of safety and efficiency, will facilitate large-scale transport of CO₂ to the Greensand storage site in the Danish North Sea.

“The lack of dedicated CO₂ carriers has been a bottleneck for advancing CCS projects within Europe,” said David Bucknall, CEO of INEOS Energy. “The collaboration between INEOS and Royal Wagenborg serves as a breakthrough moment for the E.U.’s climate goals, offering a viable solution for large-scale CO₂ transport. The agreement highlights the commitment of INEOS, Royal Wagenborg, and the governments of the Netherlands and Denmark to achieving a sustainable and low-carbon future.”

“INEOS has been in the leading edge of demonstrating safe and efficient storage in the pilot phase of Project Greensand, and we have the ambition to establish the first CO₂ storage within the E.U. in Greensand by 2026,” added Mads Weng Gade, Head of INEOS Energy DK. “The agreement between Royal Wagenborg and INEOS is a very important step towards the establishment of the full value chain of CCS on an industrial scale.”