Eni has completed the financial closure of agreements with the UK Department for Energy Security and Net Zero (DESNZ) regarding the Liverpool Bay CCS project, strengthening its role in carbon dioxide (CO₂) transport and storage (T&S) within the HyNet industrial consortium.
Green Light for Execution Phase and Local Investments
With the conclusion of the agreements, the project officially enters the execution phase, unlocking strategic investments in the supply chain, primarily benefiting the local economy. The initiative aims to enhance the UK’s industrial competitiveness, safeguarding current jobs and creating approximately 2,000 new jobs during the construction phase alone.
A £21.7 Billion Government Commitment
The financial closure is part of the UK Government’s broader allocation of £21.7 billion to support the first two carbon capture and storage (CCS) clusters, including HyNet, over a period of 25 years.
The UK’s Decarbonization Strategy
The British government reaffirms its commitment to developing the CCS sector as a key pillar of its decarbonization and industrial strategies. “We are building a brand-new clean energy industry,” said Ed Miliband, Secretary of State for Energy Security and Net Zero, “aimed at creating thousands of highly skilled jobs and revitalizing our industrial communities.”
Eni’s Role in the Energy Transition
According to Claudio Descalzi, CEO of Eni, the agreement with the UK “paves the way for industrial-scale CCS development, confirming the UK’s leadership and positioning Eni as a key player in the sector.” Eni leads the HyNet project, set to become one of the world’s first low-carbon emission clusters.
Infrastructure and Storage Capacity
Liverpool Bay CCS will reuse 149 km of onshore and offshore pipelines and build 35 km of new pipelines, transporting captured CO₂ from industries in the North West of England and North Wales to Eni’s depleted Liverpool Bay gas fields, where it will be safely and permanently stored.
Contribution to the UK’s Climate Goals
With an initial storage capacity of 4.5 million tonnes of CO₂ per year, expandable to 10 million tonnes by the 2030s, the project will significantly contribute to achieving the UK’s climate targets. Construction is set to start this year, with operations expected to begin by 2028.
Eni’s Global Commitment to CCS
Eni confirms its commitment to the carbon capture and storage sector, with a gross storage capacity of approximately 3 gigatonnes globally, underlining CCS’s crucial role in the global energy transition.