The final investment decision (FID) has been made for the Porthos CO2 storage project – the first such project in the Netherlands, allowing construction to start next year.
Porthos, a joint venture of EBN, Gasunie, and the Port of Rotterdam Authority, will provide transport and storage services to several companies in the port of Rotterdam, including Air Liquide, Air Products, ExxonMobil, and Shell, which will invest in their own capture installations to supply the CO2.
The project will see the transport of CO2 through the port of Rotterdam to depleted gas fields in the North Sea, approximately 20 kilometers off the coast, where it will be permanently stored at a depth of 3 to 4 kilometers under the seabed.
The plan is to store about 2.5 Mton per year for 15 years, totaling around 37 Mton. With that, Porthos has contracted its full storage capacity, however, the onshore transport system that is being constructed does provide space for future CO2 storage projects.
To realize the project, Porthos partners with TAQA Energy, operator of the P18 gas fields, and specialized contractors and suppliers such as Denys., Allseas, LMR Drilling, Mannesmann Grossrohr, Corinth Pipeworks, Equans, Ensco Offshore, Van der Ven and Bonatti for the delivery of required infrastructure, which requires an investment of €1.3 billion.
With the final investment decision reached, Porthos will now award contracts required to realize the project. Construction will begin in Rotterdam in 2024, with the system expected to be operational by 2026.
Porthos is expected to enable the Rotterdam port industry to soon emit about 10% less CO2. Once operational, it could contribute some 17% of the CO2 reductions targeted for industry in 2030.
“CO2 storage is crucial if we want to achieve the climate goals in the Netherlands. This investment decision is an important starting point for future developments in CO2 storage in the Netherlands,” said Hans Meeuwsen, Director of Porthos.
According to Hans Coenen, member of Gasunie’s Executive Board, this is an important moment for Gasunie and the first major investment in CO2 transport. “The transport of CO2 forms for us – alongside the transport of hydrogen, heat and green gas – an important link in the further development of energy infrastructure necessary for the energy transition.”
The European Union recognized Porthos as an important project in meeting climate targets, declaring it a Project of Common Interest and awarding €102 million in subsidy.
Clean Air Task Force (CATF) has welcomed the announcement and emphasized the importance of such projects.
“This is the first storage project in the EU to take a final investment decision so it’s an exciting breakthrough, but we have to make sure this isn’t where the CO2 storage momentum ends,” said Codie Rossi, Policy Associate, Carbon Capture at Clean Air Task Force. “Policymakers and business leaders need to expedite the development of more storage sites, across Europe, to unlock further emissions reductions.“