Veri has an initial focus on progressing world scale decarbonisation and new energy projects, including carbon capture and storage, green hydrogen, and electrification, at the Sullom Voe Terminal.
Veri enables us to advance these important projects at this pivotal time in our journey and provides an opportunity to leverage support from financial and strategic partnerships.
EnQuest remains the operator of the Sullom Voe Terminal and we will continue to support our existing users with high levels of operating efficiency while progressing the transformation of the terminal to meet the needs of both existing and future users.
The availability of the deep-water port and jetties and a pipeline network linked to several well understood offshore reservoirs presents Veri with the opportunity to repurpose infrastructure to import and permanently store material quantities of CO2 from isolated emitters in the UK, Europe or further afield.
Following initial phases of feasibility and economic screening work in respect of this carbon storage concept, studies have indicated the capability of the existing infrastructure, including the EnQuest-operated East of Shetland pipeline system, and storage sites to support a project of up to 10 million tonnes per annum of CO2. Veri now takes on and will develop the offer of four carbon storage licences from the North Sea Transition Authority made in May 2023 in the regulator's first UK offshore carbon storage licensing round in locations which are accessible from our existing infrastructure.
Veri plans to aggregate and use the excess energy produced by the wind power from onshore and offshore wind farms being developed near the Sullom Voe site to make hydrogen and other products such as green ammonia or clean fuels. With an ambition of producing one million tonnes of hydrogen per annum, Veri could use the existing deep-water jetty facilities at the terminal to export hydrogen to the UK, Europe and globally, while the production of other products could provide a low carbon alternative fuel which could help to decarbonise a number of industries.
Veri is working with EnQuest to assess the potential to leverage the Group’s existing infrastructure and subsea projects expertise to facilitate the electrification of nearby offshore oil and gas assets and planned developments by way of a grid connection supplemented with renewable power. This would lead to significant emissions reductions for platforms which are expected to operate into the 2050’s.