London, 05 September, 2023, (Oilandgaspress) – Horisont Energi (EURONEXT: HRGI) and the energy company PGNiG Upstream Norway (PUN), part of the ORLEN Group, have today signed a Letter of Intent (LoI) whereby PUN aims to enter as partner and operator in the only CO2 licence in the Barents Sea – Polaris.
The CO2 exploration licence EXL003 with the project name Polaris Licence is currently fully controlled by Horisont Energi. The LoI lays the ground for clearing formalities with authorities necessary for PUN to become operator and acquire a participating interest in the Polaris Licence. The process of onboarding PUN is expected to be completed by early December this year.
This LoI is an important milestone in line with the ORLEN Group’s strategic decision to enter the CO2 storage business, with the Norwegian Continental Shelf as one of the key markets for its implementation. The Polaris project is thus the ORLEN Group’s first intended CO2 licence anywhere.
“Joining forces with PGNiG Upstream Norway is an important milestone in our quest to achieve significant emission reductions and contribute to the emerging CCS industry. PGNiG Upstream Norway is a robust and qualified partner with ample operatorship and offshore experience from the Norwegian Continental Shelf. The new partnership should also help advance our Barents Blue clean ammonia project by providing accessible CO2 storage capacity. We are excited to join forces with an experienced and accomplished team,” says Bjørgulf Haukelidsæter Eidesen, CEO of Horisont Energi.
PUN as partner and operator in Polaris is an important third key element for Horisont Energi over the last months. The first element was to secure the power supply for the planned Barents Blue ammonia plant in Northern Norway in June. The second element was the 50/50 joint development agreement signed with the European fertiliser company Fertiberia in late August for the joint development of the Barents Blue ammonia plant. The LoI with PUN covers the Polaris Licence.
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