Yinson Production (YP) has invested in Norway-based developer of direct air capture projects, Carbon Removal, as part of its plan to decarbonise its offshore operations and create new low-carbon markets and opportunities.
Carbon Removal is currently developing a plant located in Øygarden, Norway, which aims to capture and remove around 500,000 tonnes of carbon dioxide per year for permanent storage under offshore saline aquifers. The ambition is to permanently store the captured carbon in the Northern Lights, Norway’s flagship carbon transport and storage infrastructure network.
The Singapore-based unit of the Malaysian Yinson Group said the investment, with an undisclosed value, aligns with its strategy of “transitioning to a greener future” through decarbonisation and achievement of its climate goals while supporting a sustainable and inclusive transition for the energy industry.
Since announcing its zero emissions FPSO concept in May 2021, YP has been actively exploring and incorporating new technologies into its fleet’s operations and designs, including the implementation of hydrocarbon blanketing and combined cycle technologies into the existing and future fleet. In October, the company announced the world’s first post-combustion offshore carbon capture and storage plant on FPSO Agogo, which is currently being constructed. The plant is designed at a pilot scale and will be used as a demonstration unit in an offshore floating environment to assess technical readiness and gain operational know-how.
“Our combined synergies will contribute significantly to the realisation of YP’s zero emissions FPSO concept, which aims to provide solutions that will support the offshore oil and gas industry’s transition to low-carbon operations. The partnership and investment in CR allow us to participate in DAC projects at a relevant scale, which are also deployable in the near term,” said Lars Gunnar Vogt, chief technology officer at YP.
