10 December 2021
Vår Energi enters the Barents Sea Polaris CO2 storage joint partnership
Vår Energi has entered into a cooperation agreement with Equinor and Horisont Energi to develop the Polaris CO2 transportation and storage project in the Barents Sea. As part of the agreement Equinor takes over the operator role of the project.
Polaris is a key component in the development of the Barents Blue carbon neutral blue ammonia production facility, transporting captured CO2 from the ammonia plant and storing it in an underground reservoir in the Barents Sea. The concept being developed by the partnership will have an expected storage capacity of more than 100 million tons of CO2. The three companies are already cooperating on the Barents Blue ammonia plant being planned in Hammerfest, northern Norway.
Barents Blue and Polaris will serve as additional export capacity in the region opening further potential for bringing our natural gas resources in the area to the market, says Bjørn Thore Ribesen, VP Field Development and Projects in Vår Energi.
The partnership will mature the Barents Blue and Polaris towards a concept selection (DG2).
Vår Energi is the largest independent operator on the NCS, with decades of experience in the Barents Sea and extensive knowledge of the underground in the region. Equinor is our long-standing partner on the Norwegian Continental Shelf with solid experience from developing and operating CO2 storage and the Barents Sea region. By combining our strengths of the three partners, we are creating a robust platform for maturing the Polaris CO2 storage and the Barents Blue Ammonia projects, Ribesen continues.
Carbon Capture and Storage (CCS) is expected to play a fundamental role in reaching the targets set in the Paris agreement. The Barents Blue ammonia plant, which may comprise up to 3 production trains, will have a daily production capacity of 3,000 tonnes of blue ammonia per train when in operation. The plant aims to capture 99% of the CO2 from the natural gas feed and liquefied CO2 will be transported either by ship or pipeline for safe and permanent storage in the Polaris CO2 depositary.
About Vår Energi
Vår Energi is the largest independent upstream oil and gas company on the Norwegian continental shelf (NCS). We are committed to deliver a better future through responsible growth based on over 50 years of NCS operations, a robust and diversified asset portfolio with ongoing development projects, and a strong exploration track record. Our ambition is to be the safest operator on the NCS, the partner of choice, an ESG leader and a net-zero producer (Scope 1 and 2) by 2030.
Vår Energi has more than 900 employees and equity stakes in 35 fields producing net 247,000 boe per day in the third quarter of 2021. Headquartered outside Stavanger, Norway, we are owned by the energy company Eni (69.85%) and the energy-focused private equity investor HitecVision (30.15%). To learn more, please visit varenergi.no.
For more information, please contact:
Andreas Wulff, Communication Manager
Mobile: +47 926 16 759
This announcement may include projections and other “forward-looking” statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of Vår Energi AS (“Var Energi”) about further events and financial performance. No assurances can be given that such events or performance will occur as projected and actual results may differ materially from these projections. Var Energi undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement.