Page 17 - EurOil Week 50 2020

EurOil POLICY EurOil

EU heads of state agree on

55% emissions cut

EUROPE EU leaders agreed on tougher climate goals on with the EU’s 27 member states. While wealthier
December 11 following some 10 hours of talks, states such as France and Germany that already
Poland dropped its despite opposition from certain members. boast significant clean energy capacity sup-
opposition after getting The European Council endorsed a binding ported tougher action, coal-dependent countries
funding guarantees. EU target of reducing greenhouse gas (GHG) in Europe’s east such as Poland and the Czech
emissions by 55% by 2030 versus the level in Republic came out against the proposal.
1990. This compares with a previous aim of 40%. In exchange for its support, Poland secured
The deeper cut will require major changes in a pledge for EU funding to help it make the
the energy and transport sectors, the European transition towards clean energy. The country
Commission has said, as well as the mass retrofit currently generates some 80% of its power by
of buildings to make them energy-efficient and burning coal, and its renewables sector has
able to charge electric vehicles (EVs). Invest- stagnated in recent years because of unfavour-
ment will be most significant in countries that able policies.
currently have a higher reliance on fossil fuels. Poland and other coal-reliant nations also
Announcing the agreement, European Com- argued that it was unfair for all member states to
mission President Ursula von der Leyen said it commit to the same 55% goal, given their differ-
“puts us on a clear path towards climate neutral- ing energy mixes. As such, it was agreed that the
ity in 2050.” German Chancellor Angela Merkel goal would be collective. The European Com-
added that the deal was a “very, very important mission will now draw up detailed plans for all
result” and “worth staying up all night for.” 27 member states to contribute towards the cut.
The European Parliament voted in favour of The European Parliament will also debate the
an even more ambitious 60% reduction target plan again before it becomes law, and it remains
back in October, although there was an expecta- to be seen whether EU lawmakers will still insist
tion that it would be lowered during negotiations on the 60% reduction. ™
PROJECTS & COMPANIES

Neptune launches Dutch CCS scheme

NETHERLANDS NORTH Sea oil and gas producer Neptune “The first step is a feasibility study to con-
Energy has unveiled its own carbon capture and firm that CO2 can be handled and stored safely
The project would be storage (CCS) scheme off the Netherlands. in these depleted gas reservoirs, using our
among the largest CCS The company said on December 10 it would existing infrastructure,” Neptune’s managing
undertakings in the complete a feasibility study on developing a director for the Netherlands, Lex de Groot,
Netherlands. large-scale CCS project to store up to 120- explained. “We will engage with organisations
150mn tonnes of CO2 in the Dutch North Sea. and emitters to offer safe and competitively
It would store 5-8mn tonnes per year (tpy) of priced CO2 storage.”
the greenhouse gas in depleted gas reservoirs at Neptune, like other Dutch producers, is try-
the Neptune-operated L10-A, L10-B and L10-E ing to navigate a path beyond oil and gas, amid
areas, it said. unprecedented challenges facing the industry.
The project, if it comes into fruition, would The Netherlands’ gas sector is not only strug-
be among the largest CCS undertakings in the gling with low prices but also strict permitting
Netherlands, potentially storing over half of CO2 rules on nitrogen emissions, which operators say
emissions from the country’s industrial sector, have made it nearly impossible to advance new
the company said. projects. The industry has also complained about
Neptune, which is the biggest gas producer the high cost of carbon taxation.
in the Netherlands, has already accumulated In addition to CCS, Neptune also wants to
some 14 years of CCS experience at its K12-B get in on the ground floor of a potential green
platform, where it injects CO2 that is produced hydrogen economy in the Netherlands. It plans
with the field’s natural gas back into reservoirs. to produce the fuel at its Q13a platform using
The company will undertake its study with its other wind power, under the PosHYdon project.
L10 partners Energie Beheer Nederland (EBD), The Netherlands’ main two CCS ventures are
Rosewood Exploration and XTO Netherlands, Porthos and Athos, which aim to decarbonise
as well as CO2 emitters that could serve as industry in the Rotterdam and IJmuiden areas
customers. respectively. ™

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