Carbon Catalyst Agrees Farmout of 10% Interest in Orion Carbon Capture and Storage Project to Summit Energy Evolution Limited

Source Company Press Release
Company Carbon Catalyst Limited, Sumitomo Corporation
Tags Country: United Kingdom, M&A: Corporate Deal, Deals, Segment: CCS/CCUS
Date November 17, 2023

Carbon Catalyst Limited (CCL) is pleased to announce it has reached an agreement with Summit Energy Evolution Limited (SEEL), a wholly owned subsidiary of  Sumitomo Corporation, to farmout a 10% working interest in the Orion carbon storage licence located in the Southern North Sea sector of the UK Continental Shelf. SEEL joins CCL and licence operator, Perenco, in this strategically advantaged decarbonisation project. The farmout agreement is subject to regulatory approval.

Orion marks SEEL’s entry into the UK carbon storage sector. The project consists of two Carbon Storage Licenses, CS017 and CS018, which cover the Perenco UK (PUK)-operated and decommissioned Amethyst and depleted West Sole gas fields. These fields are the most geographically proximal offshore storage sites to Humberside, the UK’s largest industrial cluster, and are directly connected by pipeline to the PUK-operated onshore Dimlington Gas Terminal.

Henry Morris, Executive Director at Carbon Catalyst, commented: “CCL is very pleased to welcome SEEL to the Orion CCS project. SEEL not only brings extensive experience from its former activities in the UK oil & gas sector and leadership of the Bacton Energy Hub, but also leverages Sumitomo Corporation’s global energy transition activities across shipping, hydrogen production and transportation, alternative sustainable fuels and energy transition infrastructure.”

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