Höegh LNG and Aker BP have entered a strategic partnership to develop a fully comprehensive carbon transport and storage (CCS) offering for industrial CO2 emitters in Northern Europe. The agreement combines the companies’ respective strengths, expertise, and technologies to establish a strong value chain for CCS on the Norwegian Continental Shelf that includes gathering, transporting and securely injecting CO2 for permanent storage in subsea reservoirs.

“Höegh LNG welcomes the opportunity to join forces with Aker BP and deliver a large scale, one-stop shop CCS value chain to industrial emitters before 2030. Together we will provide market-leading solutions for decarbonizing at a low unit cost, contributing to the energy transition in Europe, said Erik Nyheim, CEO of Höegh LNG.

“We expect CCS to play a key role in the transition to a low-carbon energy future. This partnership reflects our ambition to advancing CCS solutions by combining Aker BP's strengths in subsurface understanding and large-scale project development with Höegh LNG's technical expertise in the LNG sector” said Karl Johnny Hersvik, CEO of Aker BP.

The collaboration encompasses:

   - Technical Development: Höegh LNG will spearhead the further development of their concept of Floating CO2 Storage Units (FCSO) enabling purification and aggregating CO2 from multiple emitters in key export hubs. Such units will make it possible to offer cost efficient solutions also to smaller emitters that would otherwise not be able to develop solutions on their own. The liquified CO2 will be transported by CO2 Shuttle Tankers at low pressure that results in larger transportation capacity and lower CO2 unit cost due to scale. Aker BP will lead the development of Offshore Injection Facilities and identify suitable subsea reservoirs for CO2 storage.

   - Commercial development: Höegh LNG and Aker BP will work together to unlock potential new business opportunities for CO2 transportation and storage solutions, within the Norwegian Continental Shelf, for CO2 captured from multiple identified industrial emitters in North-West Europe.
By entering into this agreement, Aker BP and Hoegh LNG are collaborating as strategic partners to develop seaborn transportation and injection solutions for CO2.

About Höegh LNG AS

Höegh LNG is a pioneer within maritime energy infrastructure, providing countries and energy companies with rapid, flexible and cost-efficient access to the global LNG market. We are a leading innovator, owner and operator of Floating Storage and Regasification Units (FSRUs) and LNG carriers (LNGCs). In addition to providing energy security, our vessels support the transition to renewables by providing reliable access to lower carbon natural gas and a flexible infrastructure solution for delivering carbon-free energy.

For over 50 years, Höegh LNG has provided safe and reliable access to critical and cost- competitive LNG infrastructure. Our global organization consists of approximately 900 employees at sea and onshore, with half of our capacity deployed in Europe.

About Aker BP

Aker BP is a company engaged in exploration, field development and production of oil and gas on the Norwegian continental shelf. The company operates six field centres: Alvheim, Ivar Aasen, Skarv, Edvard Grieg, Ula and Valhall, and is a partner in the Johan Sverdrup licence. Aker BP’s shares are traded on Oslo Børs (AKRBP).

Aker BP is one of the largest independent oil companies in Europe with a production of more than 450,000 barrels of oil equivalent per day. Aker BP is a global E&P leader in low CO2 emissions and seeks to offset its non-abated Scope 1 and 2 emissions.