A new MoU has been set up between Veri Energy and 7CO2 and this agreement will allow the companies to explore the possibilities in sending CO2 from emitters to the Avonmouth Cluster. Sending them to this location, will get them involved in Veri’s carbon storage project, which is currently being developed at the Sullom Voe Terminal (SVT), which is based in the Shetland Islands.

Through the MoU, it has been agreed that Veri will receive shipped carbon dioxide from Avonmouth at the existing post facility at SVT. From there, the company will condition and then proceed to store the CO2 before it is the sent via EnQuest’s 100%-owned pipeline to a storage reservoir, located under the North Sea.

It was in May of 2023 that Veri received four carbon storage licences from the North Sea Transition Authority and this occurred during the regulator’s first UK offshore carbon storage licensing round. Receiving these licenses is a huge benefit to Veri, as they provide access to well understood reservoirs, which are in locations that are accessible from the company’s existing infrastructure. This includes the 200km East of Shetland Pipeline System, along with the Magnus offshore platform. Altogether, these four licensed sites include over 300 million tonnes of total storage capacity and on top of this, the existing infrastructure has the ability to have a maximum of ten million tonnes per annum of storage, with this figure potentially increasing in 2028/2029.

Finally, it is clear that the Shetland Islands are placed in a particularly strategic location, which neatly provides Veri with the opportunity to both import and store CO2 from isolated emitters which are based either within the UK, or Europe, or even further afield.

CEO of Veri, Gavin Templeton, commented, “We look forward to working with 7CO2 to provide an alternative competitive merchant Non-Pipeline Transportation solution to 7CO2’s existing plans to be part of a DESNZ Track 2 Carbon Capture cluster. This partnership has the potential to help streamline and reduce full cycle carbon capture costs, bring resilience to 7CO2 and its emitter partners and provide an optimum “Value for Money” carbon capture and storage solution."