Horisont Energi has recently entered into a sales and purchase agreement with PGNiG Upstream Norway AS for the acquisition of a 50 percent participating interest in the CO2 exploration licence EXL003 Polaris. As a result, both companies will hold an equal 50 percent stake in the licence. The licence group has also applied for PUN to be appointed as the operator.
The SPA will take effect on 1 December, and the completion date is expected to be no later than 31 December 2023. However, the approval of Norwegian authorities is required for the SPA to be finalised.
According to Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi, the Polaris project has the potential to make significant contributions to emission reductions on an industrial scale. It also reflects the rapid development of the CCS industry in Norway and Europe. Moreover, the Polaris project will play a crucial role in the Barents Blue clean ammonia project.
In addition to the SPA, the licence group has submitted an application for PUN to become the new operator of the licence. This further emphasises the commitment of the companies involved to the development of the project.
Daniel Obajtek, ORLEN CEO and President of the Management Board, expressed ORLEN’s dedication to the energy transition and highlighted the importance of CO2 capture and storage in delivering the Group’s climate policy. He also emphasised the role of carbon storage in sustaining the competitiveness of certain industries in Poland and other EU countries. The transaction grants the ORLEN Group an interest in the Polaris licence in the Barents Sea, which is designated for carbon dioxide injection. The project will enhance ORLEN’s capabilities and expertise in offshore CO2 storage, providing valuable assets that can be leveraged in Poland.
The application for the Polaris exploration licence EXL003 was initially submitted in 2021, and it was officially awarded on June 10, 2022. This marks an important milestone in the progress of the project.
For more information visit www.horisontenergi.no
