Harbour Energy partners with BP plc on the Viking CCS project

BP plc (LON: BP) ended in the green today after announcing an agreement with Harbour Energy PLC (LON: HBR) to develop the Viking CCS transportation and storage project.

Here’s what the press release tells us

On Tuesday, the oil and gas behemoth took a 40% stake (non-operating) in the carbon capture and storage project.

The remaining 60%, as per the press release, will stay with Harbour Energy that will continue to be the operator of the said project. According to its CEO Linda Z Cook:

Viking CCS has the potential to unlock billions of pounds of investment across the full CCS value chain and is crucial for the United Kingdom to meet its emissions reduction targets.

The stock market news arrives about two months after BP plc said it plans on spending up to $8.0 billion more on oil and gas by the end of this decade as Invezz reported HERE.

Viking project could be operational by 2027

The Viking CCS project is expected to create more than 10,000 jobs and invite up to £7.0 billion ($8.7 billion) of investment. In the press release, Louise Kingham – a BP plc executive said:

Our entry into Viking CCS demonstrates BP’s commitment to Backing Britain through substantial investment and helping the country achieve its net zero goals.

The carbon capture and storage project could go live by 2027. By the end of this decade, it’s expected to be storing up to 10 million tonnes of carbon dioxide annually.

Shares of Harbour Energy ended marginally in the red on Tuesday.