This declaration solidifies these nations' recognition of carbon capture, utilization, and storage (CCUS) as a crucial climate tool, marking a pivotal step towards establishing a unified European market for CCUS.

The European Commission has earmarked £3.22 billion in funding through its Innovation Fund for projects aimed at reducing greenhouse gas emissions and expanding clean power component production.

The company will apply its expertise in offshore platform structural analysis, brownfield engineering, and asset life extension to assess the viability of the structure and guide necessary modifications.

The Orion project encompasses two carbon storage licenses, CS017 and CS018, covering the decommissioned Amethyst and depleted West Sole gas fields operated by Perenco UK.

This initiative aims to play a pivotal role in supporting the decarbonization efforts in the Asia-Pacific region and advancing net-zero goals.

The farmout agreement, pending regulatory approval, marks SEEL’s debut in the UK carbon storage sector, joining CCL and license operator Perenco in a strategic decarbonization initiative.

Carbon Catalyst, the original licensee, has completed the farmout of a 10% working interest to Wintershall Dea, marking the latter's second venture into a UK CCS project.

The collaboration represents a milestone in the country's commitment to reducing emissions and fostering a more environmentally friendly industrial landscape.

These organizational changes underscore Sawan's commitment to driving the company's focus toward higher-margin ventures, maintaining stable oil output, and expanding natural gas production.

This development follows the final investment decision (FID) made for the project, underscoring the nation's commitment to sustainability and environmental responsibility.