The European Commission has listed 44 oil and gas producers that are required to contribute to the EU's 2030 goal for 50mn t/yr of operational CO2 injection capacity, along with contributions based on the companies' oil and gas output.
The commission set the 50mn t/yr goal under its Net Zero Industry Act passed last year, which required EU-based oil and gas producers to "contribute to the development of operational geological CO2 storage sites in the EU". Those contributions are calculated based on the amounts of oil and gas produced in the bloc between 2020-23.
Of the companies listed, along with the volume of contributions assigned, the top six account for half of the bloc's 2030 target of 50mn t/yr of CO2 injection capacity. Dutch producer Nam, Romania's OMV Petrom and Romgaz, Poland's Orlen, Italy's Eni and Germany's Wintershall Dea have a collective CO2 injection capacity contribution obligation of 25.7mn t/yr by 2030, Commission documents show. Wintershall Dea has sold its upstream business to the UK's Harbour Energy.
Obligated producers must by 30 June submit a "detailed plan" to the commission setting out how they will contribute to the bloc's CO2 storage target, including storage capacity and intermediate targets. The producers must then report progress annually, the commission said. It will make those reports publicly available.
The regulation "ensures that storage projects contributing to the above target are recognised and supported as net-zero strategic projects", the commission said.
Carbon capture and storage (CCS) is still a relatively underdeveloped sector, particularly for the specific purpose of reducing emissions to reach climate goals. Northern Europe is at the forefront of this nascent industry, but much of the charge has been led by Norway, which is not an EU member. The UK, neither a member of the EU nor the European Economic Area, has also moved rapidly in recent months to push its CCS sector forward.
"The number of CO2 storage sites remains underdeveloped", the commission said. It estimates the bloc will need to capture and permanently store around 250mn t/yr of CO2 from 2040 to hit its 2050 goal of net zero emissions.
