INEOS Finalizes Investment in Greensand Carbon Storage

INEOS, alongside partners Harbour Energy and Nordsøfonden, has made a Final Investment Decision (FID) to establish the Greensand Future project, which will be the first full-scale carbon dioxide (CO2) storage facility in the EU, located off the coast of Denmark. The project aims to inject up to 400,000 tonnes of CO2 annually from Danish biomethane plants into a depleted oilfield, with operations expected to commence in late 2025 or early 2026. This initiative represents a significant investment exceeding $150 million across the complete CO2 capture and storage value chain, addressing both Danish and EU climate objectives. INEOS Chairman Jim Ratcliffe emphasized that the project is a crucial step towards sustainable decarbonization in Europe. Greensand Future is part of a broader movement, being the third North Sea CO2 project to secure investment after Norway's Northern Lights and the Netherlands' Porthos. The European Commission estimates that to meet the Paris Agreement's goals, the EU will require a carbon storage capacity of 250 million tonnes by 2040.