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.
“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.
