(Reuters) -Harbour Energy, Britain's largest oil and gas producer, said on Tuesday it has entered into an agreement with BP (LON:BP) to develop the Viking CCS transportation and storage project.
Harbour will continue as operator of Viking CCS with a 60% interest, with BP acquiring a 40% non-operated share, the company said in a statement.
The announcement follows the UK's recent decision to launch the "Track 2" cluster sequencing process for carbon capture and storage (CCS), a technology that removes carbon dioxide emissions from the atmosphere and stores it underground.
Efforts to remove carbon dioxide from the atmosphere and put it in underground storage have gained steam across Europe over the past few years as industries and governments seek to reduce emissions to meet their climate goals.
Harbour said the government recognises Viking CCS as one of the leading transport and storage system contenders for this process, and that a final investment decision on the project is expected in 2024, subject to the outcome of the Track 2 CCS.