OT SIG Meeting – September (Online)

Speaker: Nick Terrell - UK Exploration Task Force. Topic: UK's First-Ever Carbon Storage Licensing Round

21st September 2022

Registration

PESGB members can register free of charge via the membership platform

If you are interested in becoming a member of PESGB please visit: https://www.ges-gb.org.uk/membership/

Event Information

Guest speaker: Nick Terrell, Chair of the UK Exploration Task Force, Co-founder of Carbon Catalyst and former President of the PESGB

Topic: UK’s first-ever Carbon Storage Licensing Round

To date there have been five Carbon Storage Licences awarded on the United Kingdom Continental Shelf (UKCS). These licences, with their associated carbon capture projects, are at varying degrees of technical and commercial maturity. Assuming all these projects achieve expected levels of carbon capture by 2030, the aggregate captured carbon is estimated to be around 20Mt/year. This compares with the UK’s current total carbon emissions of approximately 450 Mt/year. If Net Zero is to be achieved by 2050 then many more CCS projects will be required and to be deployed rapidly on the back of these initial projects.

Recognising the contribution that Carbon Capture and Storage (CCS) can make towards reducing emissions, the Climate Change Commission (CCC) has confirmed itself to be a strong advocate for CCS. The CCC’s 6th Carbon Budget, endorsed by the UK Government in 2021, requires the UK to store 104 Mt/year by 2050 under its Balanced Net Zero Pathway (central scenario) with 180 Mt/year required under its Headwinds Scenario. Interim targets of 22 Mt/year by 2030, 53 Mt/year by 2035 and 79 Mt/year by 2040 have been set by the CCC who state that delivering Net Zero requires large-scale deployment of CCS for industry, power, hydrogen production and bioenergy/greenhouse gas removal.

With this strong support for CCS, by emitters in both the UK and continental Europe, the UK Government is actively supporting CCS deployment through developing the business models, regulatory framework, and incentives to underpin rapid growth in the sector.

The North Sea Transition Authority (NSTA) recently closed its first Carbon Storage Licensing Round and expects to make new licence awards in Q1-Q2 2022. This forms an important early step in delivering the UK’s CCS ambitions and legally binding commitment to achieving Net Zero by 2050.

Please join the discussion with Nick on this important step towards UK decarbonisation.

Please note: the September 2022 OT SIG Meeting will be held on Wednesday 21 September, rather than on the usual 3rd Tuesday of the month.

Speaker Biography

Nick Terrell, Chair of the UK Exploration Task Force, Co-founder of Carbon Catalyst and former President of the PESGB

Nick is Chair of the UK Exploration Task Force (XTF), a joint industry and regulatory organisation comprising exploration leaders in the oil and gas and emerging carbon storage sectors. The XTF forms part of the tripartite body which provides senior government and industry leadership for the offshore oil and gas and carbon storage industry.  He also co-founded Carbon Catalyst in 2020, an independent company focused exclusively on reducing CO₂ emissions via Carbon Capture & Storage in the UK.

 

Venue Information

Venue information

Venue name:

Online

Venue address:

This event will be delivered online.