Orlen and Horisont Energi on the Polaris field in the Barents Sea
By Marek Grzybowski
Orlen signed a letter of intent with Horisont Energi regarding the acquisition of up to 50% of shares in a license for CO2 sequestration in the Polaris field in the Barents Sea. by the end of the decade, the sequestration service may be commercially available.
Letter of intent signed in Stavanger, Norway. 50 percent PGNiG Upstream Norway will take over the shares in the Polaris license. The company will be the deposit operator. The CEO of Orlen, Daniel Obajtek, stated that the investment is worth USD 1 billion. The final contract will be signed in October. The investment decision will be made in 2024.
The capacity of the Polaris deposit is estimated at 100 million tons of CO2, which, according to preliminary estimates, will be sufficient for injection for 12-25 years. PGNiG Upstream Norway is preparing a detailed analysis of the project. The launch of the storage service is planned for 2028-2029.