Yinson Production, the Malaysian owner/operator of floating storage, production and offloading (FPSO) vessels, has improved its position in the carbon capture and storage (CCS) sector by acquiring Stella Maris CCS from the UK’s Altera Infrastructure.
The Norway-based Stella Maris is developing a full CCS value chain that encompasses carbon capture, intermediate storage, offshore transportation, and permanent sequestration of CO2 from industrial emission sites. It’s portfolio contains a 40% stake in the Havstjerne reservoir, located on the 100km southwest of Egersund in the Norwegian North Sea, which has an annual CO2 storage capacity estimated at 7 million tonnes per annum (Mtpa).
The Havstjerne CO2 injection and storage project, developed in partnership with Harbour Energy, is part of Altera Infrastructure’s STARFISH project (Sequestration Technology And Reservoir: Floating Injection and Storage in Havstjerne). STARFISH is the first offshore CO2 project to transport liquified CO2 (LCO2) via purpose-built ships directly to an offshore reservoir. The project’s injection system can receive large volumes of LCO2 directly from transport vessels for permanent subsurface storage.
The project has been awarded up to €225 million ($235 million) from the European Union’s Innovation Fund, marking the largest EU grant to date for a CCS initiative. This funding, granted upon meeting specific criteria investment and operational milestones, highlights the projects significance to EU decarbonisation goals.
Lars Gunnar Vogt, Chief Technical Officer of Yinson Production, commented: ‘This successful acquisition reinforces Yinson Production’s commitment to driving innovation and sustainability within the energy sector and our role in shaping Europe’s decarbonisation efforts. The acquisition of Stella Maris is a logical step in expanding our portfolio of strategic investments within the carbon capture space, and we are excited to integrate these solutions to help industrial emitters achieve their decarbonisation targets.’
For Altera Infrastructure, the divestment of Stella Maris follows a series of strategic asset sales, including the disposal of its shuttle tanker business to the Angelicoussis Group and the sale of ALP Maritime to maritime services provider, Boskalis.
