(Oslo, 17 August 2021) Magseis Renewables AS, a wholly owned subsidiary of Magseis Fairfield ASA, has entered into a memorandum of understanding (MoU) to join phase 2 of the Greensand carbon capture and storage (CCS) project consortium. Project Greensand aims to demonstrate that CO2 can be injected into the Nini West reservoir offshore Denmark, and to validate cost-effective and environmentally safe monitoring technologies. The pilot project will not only be important for the Greensand project but also for maturing other CO2 storage sites in Denmark and Europe.
Denmark has set out a goal to reduce CO2 emissions by 70% from 1990 to 2030, and the target has been grounded in one of the most ambitious Climate Laws in the world. The Danish Parliament and independent advisors are pointing to carbon capture and storage (CCS) solutions as a requirement to reach this target. Establishing CO2 storage by 2025 can only be done by using depleted hydrocarbon fields in the Danish North Sea, and such solutions are estimated to deliver 25-40% of the Danish reduction target by 2030.
“We are pleased to become a partner in this important CCS project and look forward to use our industry leading OBN technology and imaging solutions to contribute to the development of CCS monitoring technologies.”, says Renewables Director, Tone Trudeng.
With the capabilities and insight of the Greensand consortium, and the further support from the advisory board, Project Greensand takes an important step in supporting the Danish Climate Strategy. The consortium aims to file an EUDP Application by September 2021 and expects to initiate the pilot work already by end 2021 and execute the offshore injection pilot late 2022.
“This is an important step for Magseis Fairfield and forms part of our strategy to support our energy partners through the energy transition and further build our renewables business.”, says CEO, Carel Hooijkaas.
For further information, please contact:
Tone Trudeng, Renewables Director
Tel: +47 957 60 427
André Bjørvik, SVP Corporate Communication
Tel: +47 907 42 746
Magseis Fairfield is the global leading provider of ocean bottom seismic (OBS) technology and data acquisition projects. The company has a flexible business model with full scale node operations, as well as lease and sale models. The Marine Autonomous Seismic System "MASS" nodes and the range of Z-nodes combined with handling systems and source technology enables market leading deployment speed and highly cost-efficient acquisition of data with exceptional quality.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.