5 September 2024

Veri Energy Limited is pleased to announce the signing of a Memorandum of Understanding (MoU) with Ocean-Power AS and Amplus Energy Services Limited to transform the offshore energy sector by significantly reducing the carbon footprint of petroleum activities.

Veri Energy will provide the carbon store to support deployment of Ocean Power’s innovative approach to generating electricity offshore from externally sourced natural gas with integrated carbon capture technology. The electricity generated will be distributed from the generation hub in the UK Northern North Sea to a number of nearby oil and gas installations in UK and Norway, providing a reliable, cost competitive, low-carbon source of power and avoiding the complexity and challenges of connecting to grid infrastructure.  The captured CO2, anticipated to be up to 1 million tonnes per annum, will be transported a short distance to Veri Energy's planned carbon storage hub for permanent sequestration.

Veri Energy holds four carbon storage licences and seeks to repurpose existing infrastructure around the Sullom Voe Terminal, including the 200km East of Shetland pipeline to develop CO2 reception and storage facilities capable of receiving and securely storing up to 10 million tonnes of CO2 annually from isolated emitters in the UK, Europe and beyond.

Veri Energy are delighted to have been selected as the carbon storage partner for Ocean-Power’s power generation and carbon capture offering which further underpins Veri Energy’s ambition to be a key player in the UK’s carbon storage landscape, driving the energy transition and contributing to global climate goals.

For more information:

Veri Energy (www.verienergy.com):

Paul Massie – paul.massie@verienergy.com

Ocean-Power AS (www.ocean-power.no)

Erling Ronglan – erling.ronglan@ocean-power.no

Amplus Energy Services (www.amplus-energy.com)

Steve Gardyne – steve.gardyne@amplus-energy.com