PGNiG Upstream Norway, part of Poland’s ORLEN Group, will join and operate the Polaris carbon storage project in the Norwegian Barents Sea, owned by Horisont Energi, the companies said.
The two groups have signed a letter of intent which will see the ORLEN subsidiary become operator and acquire a stake of up to 50% in the Polaris licence, they said in a statement
The process of bringing the new partner on board is expected to be completed by early December, they added.
The Polaris project would mark ORLEN’s first intended CO2 storage licence anywhere, which it hopes can help decarbonise industry exposed to high emission costs, CEO Daniel Obajtek said in the statement.
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