Eni secures UK Government funding for the Liverpool Bay CO Transport and Storage Project, a significant milestone in the development of the HyNet CCS project.

Eni welcomes the UK Government's commitment to and funding of the HyNet cluster, which marks the launch of the carbon capture and storage industry in the UK.

London, 4 October 2024 Eni has announced that it has successfully secured UK Government commitment and funding for the grant of an economic license for the Liverpool Bay CO2 Transport and Storage (T&S) Project. The funding allocation marks the beginning of a UK CCS industry. This funding includes investment in Track 1 industrial emitters and is a key milestone towards the HyNet implementation phase, which will enable significant investment in the region.

HyNet is one of the UK's most advanced CCS projects and, as operator of the CO2 transport and storage system for the scheme, Eni will safely contribute to reducing emissions from hard-to-abate industries located in the North West of England and North Wales. . With an initial storage capacity of 4.5 million tonnes of CO2 per year in the first phase and the potential to grow to 10 million tonnes of CO2 per year after 2030, the project will make a significant contribution to reducing the impact on these industries and achieving the UK's target ambitions. . Stores 20 to 30 million tons of CO2 per year.

The project will reuse depleted reservoirs operated by Eni in Liverpool Bay, transforming one of the UK's most energy-intensive industrial regions into one of the world's first low-carbon industrial clusters. HyNet will help maintain the UK's industrial competitiveness in the long term by ensuring local employment and supporting the decarbonisation of hard-to-decline industries, as well as creating new production chains and jobs.

Ed Miliband, the UK's Secretary of State for Energy Security and Net Zero, added: Monday marked the end of 150 years of coal mining in this country. Today, a new era begins. By securing this funding, we pave the way to secure a clean energy revolution that will rebuild the UK’s industrial heartland. I was proud to start the industry in 2009, and even prouder to make it a reality today. This funding is a testament to the power of proactive government working with businesses to bring good jobs to our communities.

Eni CEO Claudio Descalzi said: “Today’s news is an important step towards creating new business chains related to the energy transition. HyNet will be one of the world’s first low-carbon clusters, and the project will not only accelerate the decarbonization of key energy-intensive industrial areas, but also promote the UK’s This commitment is clear evidence of how governments and industry can work together to implement practical and effective industrial policies to accelerate decarbonization on our part. We reaffirm Eni’s role as a key UK partner in making this possible.

In line with this strategy, Eni is not only the CO2 transport and storage operator of the HyNet project in the UK, but also takes a lead role in the Bacton Thames Net Zero project, which aims to: Contributing to the decarbonisation of the South East of England and the Thames region. Eni's total storage capacity in the UK amounts to approximately 1Gton.

Eni believes that CCS will play an important role in the energy transition and can be an important strategic path to support the company's decarbonization ambitions. It also represents a solution that provides an opportunity to create value by reducing carbon emissions and creating new businesses linked to the transition. Eni has developed a unique model that allows companies to develop CCS projects that are more cost-effective and faster to implement by leveraging three unique elements: an extensive portfolio of depleted gas fields; repurposing existing infrastructure; and the property's proximity to industrial clusters.

Eni is a key partner in the UK's energy transition, existing across the entire energy value chain. This includes the CCS sector as well as the potential development of offshore wind and magnetic fusion-related projects, as well as the continued contribution to the UK's energy security through the business combination between Eni UK and Ithaca Energy for upstream activities. These combined activities are perfectly aligned with the UK's ambition to become a global leader in the energy transition, consolidating Enis' strategic portfolio in the UK into an investment pipeline focused more than 80% on decarbonising businesses.

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