Petrofac and Shell Agree Partnership for North Sea CCS Project
CO2DeepStore, part of the Petrofac group, has signed an agreement with Shell U.K Limited (Shell) in respect of the re-development of the Goldeneye gas field in the North Sea, as a potential CO2 storage facility.
The agreement will see CO2DeepStore and Shell work together to develop the potential CO2 storage solution for the ScottishPower Carbon Capture and Storage (CCS) project - one of two contenders in the UK Government's carbon capture and storage competition.
Work is currently progressing on the initial design phase for the carbon capture and storage demonstration project. If successful in securing Government support, this project will be the world's first commercial scale CCS scheme to be fitted to a coal-fired power plant. Shell will be the Operator for the storage venture while Petrofac, through its subsidiary CO2DeepStore, will partner the project in addition to providing offshore engineering, modification and operations services to the storage venture through its Offshore Engineering & Operations business.
Petrofac's group director of strategy, Rob Pinchbeck said:
"This important agreement highlights Petrofac's commitment to the Carbon Capture and Storage sector and comes just six months after our acquisition of the CO2 storage specialist, CO2Deepstore. This is an exciting project and Petrofac is delighted to be involved in the early stages of this emerging new sector."
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world's leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.
Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac's range of services meets its customers' needs across the full life cycle of oil & gas assets.
With around 12,000 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi and a further 19 offices worldwide. The predominant focus of Petrofac's business is on the UK Continental Shelf (UKCS), the Middle East and Africa, the Commonwealth of Independent States (CIS) and the Asia Pacific region.
Posted 04/10/2010
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