St Fergus gas terminal owner buys stake in carbon capture Acorn Project
The owner of the St Fergus Gas Terminal has acquired a stake in the Acorn Project – the ‘Scottish cluster’ of carbon capture utilisation and storage.
North Sea Midstream Partners (NSMP) has acquired a 10 per cent stake in the project, joining Storegga, Shell, and Harbour Energy who each hold 30 per cent.
NSMP believes it can “accelerate the development of Acorn” through its ownership of the St Fergus terminal.
And Banff and Buchan MP David Duguid said the announcement that NSMP had bought a stake in the Acorn Project was a strong indication of a bright future ahead for the development.
The Conservative MP said: “I’m delighted that NSMP is now a partner in the Acorn Project, underlining the positivity surrounding the development.
“This announcement sends a clear message that ‘Reserve Status’ still means something – which is the feedback I have also received from the project’s partners during our meetings.”
In October, UK Energy Minister Greg Hands announced the first two industrial clusters to be supported to beoperational in Britain by the mid-2020s. There was criticism from the Scottish Government as the Acorn Project missed out, instead being designated a reserve site in the first track.
But Mr Duguid insisted UK Government support would continue and the ‘Scottish cluster’ was in a prime position to be selected for full support in the second track.
“The stakeholders are hopeful of being operational by 2026 and the UK Government continues to engage with them on this objective,” said Mr Duguid. “Rather than helping the Acorn Project, the SNP want to recklessly scaremonger by attempting to talk down the development. I’m glad stakeholders continue to see past this.”
Andy Heppel, NSMP chief executive, said: “We are delighted to become a partner and look forward to working alongside the other Acorn partners to rapidly develop the project in support of the UK Net Zero targets.
“Together with our long-term operating partner px Group, we are committed to playing a leadership role in the achievement of a net zero future and investing to ensure that we have the operational capability, resources and skillsets to deliver our energy transition objectives.”