Neptune Energy, ExxonMobil, Rosewood and EBN to cooperate on L10…

20/06/2022

Neptune Energy, ExxonMobil subsidiary XTO Netherlands, Ltd., Rosewood Exploration Ltd., and EBN Capital B.V. today announced the signing of a Cooperation Agreement to progress the L10 large-scale offshore carbon capture and storage project in the Dutch North Sea.

The agreement brings together the technical and commercial capabilities necessary to create a robust carbon storage offering for industrial customers in the Dutch sector. It intends to take the L10 carbon capture and storage development to the concept select stage in 2022 and to have the project FEED-ready by the end of the year, followed by the submission of a storage licence application.

Exploratory discussions with industrial emitters from various sectors are continuing, ahead of the upcoming round for applications for SDE++ funding from Dutch authorities.

Neptune Energy's Managing Director in the Netherlands, Lex de Groot, said: "CCS is crucial for achieving the Dutch climate goals for 2030. This Cooperation Agreement is a significant step in the development of the Neptune-operated L10 project which supports our strategy to go beyond net zero and store more carbon than is emitted from our operations, scope 1, and sold products, scope 3, by 2030.

"After the successful feasibility study, we can now combine our knowledge in the field of CCS with these parties. This next important step will enable us to jointly develop one of the largest CCS facilities in the North Sea. The reuse of our existing infrastructure means that, together, we can help achieve the climate goals, but also ensure this part of the energy transition becomes cleaner, cheaper and faster."

EBN's Program Manager CCUS, Berte Simons, said: "We're pleased to co-operate with our joint venture partners in this carbon capture and storage project where we can re-use existing infrastructure. With our subsurface knowledge and experience on storage we'll be able to contribute extensively to the development of this project. The offshore storage of CO2 is pivotal in meeting climate goals and EBN is determined to contribute to a carbon-neutral energy system."

"ExxonMobil welcomes the opportunity to collaborate with industry and the government in support of the L10 carbon capture and storage project," said Dan Ammann, president of ExxonMobil Low Carbon Solutions. "Carbon capture and storage is a proven, ready-to-deploy technology that can help reduce emissions in some of the highest-emitting sectors and advance society's net-zero goals."

This stage of the L10 carbon capture and storage project has the potential to store 4-5 million tonnes of CO2 annually for industrial customers within depleted gas fields around the Neptune-operated L10-A, B and E areas. It represents the first stage in the potential development of the greater L10 area as a large-volume CO2 storage reservoir.

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About EBN
Energie Beheer Nederland (EBN) is a state owned company; 100% of its shares are owned by the Dutch State. EBN puts its knowledge, skills and (financial) clout to work to make an active and significant contribution to a sustainable energy system in our country in the future. It has the ambition of delivering binding force to the energy transition and converting ambitions at social level into reality. In that respect, EBN has three strategic pillars: Our Dutch Gas (making use of the remaining Dutch (offshore) natural gas in the context of sustainability), Return to Nature (pioneering role in the issues of decommissioning and reuse of infrastructure) and New Energy (developing and accelerating the use of geothermal energy and exploring other sustainable energy sources).

About Neptune Energy Group

Neptune Energy is an independent global E&P company with operations across Europe, North Africa and Asia Pacific. The business had production of 130,000 net barrels of oil equivalent per day in 2021 and 2P reserves at 31st December 2021 of 604 million barrels of oil equivalent. Neptune aims to store more carbon than is emitted from its operations and the use of its sold products by 2030. The Company, founded by Sam Laidlaw, is backed by CIC and funds advised by Carlyle Group and CVC Capital Partners.

More information: www.neptuneenergy.com

About Rosewood
Rosewood Exploration Ltd. is an independent owned energy company which maintains a well balanced portfolio of energy related investments. Rosewood has a 40 year history of energy development in the Dutch North Sea and is proud to continue this history through its participation in renewable projects as well as traditional natural gas production.

About ExxonMobil
ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society's evolving needs.
The corporation's primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Cautionary Statement: Statements of future events, investment opportunities projects or partnerships in this release are forward-looking statements. Actual future results, including project plans, partner participation, timing, capacities, and costs could vary depending on the ability to execute operational objectives on a timely and successful basis; the ability to scale projects and technologies on a commercially competitive basis; implementation and outcomes of projects for carbon capture and storage and other lower-emission technologies; timely completion of construction projects; commercial and consumer interest in lower-emissions opportunities; the outcome of future research and technology development programs, including the future success of collaborative efforts; the development and pace of supportive market conditions and policies including support for carbon capture and storage; the outcome of future commercial negotiations; changes in laws and regulations including environmental laws and taxes; changes in plans or objectives prior to final funding decisions or project startups; unforeseen technical or operational difficulties; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; and other factors discussed in this release and under the heading "Factors Affecting Future Results" on the Investors page of ExxonMobil's website at exxonmobil.com.