Eni S.p.A (NYSE: E), a leading integrated energy player, has been awarded an agreement for lease by The Crown Estate for a carbon capture and storage project. The agreement for lease was awarded for the Hynet project, the first CCS project in the United Kingdom to reuse existing pipelines and infrastructure to reduce emissions. Reusing the existing infrastructure should help reduce the project's cost and the overall environmental damage associated with the construction of a new project.
Eni Awarded Lease Agreement for the HyNet Project
Through this agreement, Eni will gain the rights to access and use the seabed and the pipeline infrastructure in place to transport carbon dioxide from the HyNet industrial cluster and safely store it. The HyNet project is aimed at capturing and storing carbon dioxide emitted from large industrial emitting sites in the North West of England and North Wales.
Once captured, these emissions will be safely transported to the storage site. For this project, Eni will leverage its depleted natural gas reservoirs under the Irish Sea. Capturing and storing the carbon dioxide emissions under the seabed will prevent them from leaking into the atmosphere, helping the UK achieve its net zero emissions target.
Impact on the UK's Decarbonization Strategy
After commencing operations, the HyNet project is anticipated ...
