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 two groups signed a letter of intent that will see the ORLEN subsidiary become the operator and acquire a stake of up to 50% in the Polaris licence.
The process of bringing the new partner on board is expected to be completed by early December.
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.
The agreement is in line with ORLEN's 2030 goal of storing or utilising up to 3 million tonnes of CO2 annually, adding first carbon injections at Polaris could start in late 2028 or early 2029.
The Polaris project was granted a storage licence by Norwegian authorities in June 2022 and is still in an early development phase. Poland’s ORLEN takes on CO2 storage project in Norway’s Arctic
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 two groups signed a letter of intent that will see the ORLEN subsidiary become the operator and acquire a stake of up to 50% in the Polaris licence.
The process of bringing the new partner on board is expected to be completed by early December.
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.
The agreement is in line with ORLEN's 2030 goal of storing or utilising up to 3 million tonnes of CO2 annually, adding first carbon injections at Polaris could start in late 2028 or early 2029.
The Polaris project was granted a storage licence by Norwegian authorities in June 2022 and is still in an early development phase. 
