LONDON - Synergia Energy Ltd (AIM:SYN) announced on Thursday that its joint venture partner, Harbour Energy, plans to exit the Medway Hub Camelot carbon capture and storage (CCS) project, leading to Synergia's full acquisition of the initiative, subject to regulatory approval. The project, which aims to store up to 6.5 million tonnes of CO2 annually, is part of the UK's efforts to achieve net zero emissions targets.
Harbour Energy's decision to withdraw from the joint operating agreement and the carbon storage license CS019 comes as a part of its portfolio rationalization. The license was originally awarded to Synergia and Wintershall Dea, which Harbour Energy acquired on September 3, 2024, inheriting a 50% stake in the project.
Despite Harbour Energy's withdrawal, Synergia's CEO, Roland Wessel, reaffirmed the company's commitment to advancing the CCS project, highlighting its potential to contribute significantly to the UK's net zero goals. Wessel expressed satisfaction with the technical work accomplished thus far, which he believes demonstrates the project's long-term value to shareholders.
Synergia, as the nominated operator of the project, is actively seeking a new joint venture partner to continue the work program prescribed by the North Sea Transition Authority (NSTA). The company's interest in the CCS Project will revert to 100% once NSTA approves the transition.
This development is considered inside information under the Market Abuse Regulation (EU) 596/2014 as part of UK law. The project's progress and Harbour Energy's departure are disclosed in line with Synergia's regulatory obligations.
The Medway Hub Camelot CCS project is an integral part of the UK's strategy to mitigate climate change by reducing carbon emissions. The full acquisition by Synergia Energy is expected to streamline the project's development and enhance its alignment with the company's strategic objectives.
The information in this article is based on a press release statement from Synergia Energy Ltd.
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