TGS on Dec. 5 completed the sale of one of its seismic datasets to OGCI Climate Investments’ Net Zero Teesside project, a carbon capture, utilization and storage (CCUS) initiative planned for the North East of England. The data is to be used to verify the suitability for storage of CO2 in offshore reservoirs located in the Permian Gas Basin in the Southern North Sea.
Net Zero Teesside is an integrated CCUS project backed by OGCI Climate Investments, with direct project support from six of the largest oil and gas companies globally: BP, ENI, Equinor, Occidental Petroleum, Shell and Total. OGCI Climate Investments and its partners are working closely with the U.K. Government on a supportive policy framework to enable the U.K. to become a leader and exporter of CCUS technologies globally.
“To be able to remove carbon dioxide emissions and store them deep underground–preventing them from being released into the atmosphere–means we need to be 100 percent sure that the reservoir chosen is fit-for-purpose. Our agreement with TGS allows us to carefully analyze the geology of the reservoirs and make the correct decisions that will sustain our CCUS operations for millennia to come,” Colin McGill, Net Zero Teesside project director, said.
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
Pin Oak Energy closed a transaction with a Shell affiliate to acquire roughly 43,000 acres prospective for Utica Shale development in northwestern Pennsylvania.
Repsol will still hold a 51% stake in the block after the deal.