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very limited supplies of oil and gas , Subsequently , the current huge infrastructure system needs to be decommissioned .
Instead , INEOS Energy took the decision to maintain the infrastructure and the existing skilled workforce and start looking into reversing the traffic in the pipeline . Instead of an oil extraction operation , Project Greensand provided the opportunity to use the underground reservoir to store carbon beneath the ground . After carrying out early investigations and geological surveys , it became clear that the reservoir was wellsuited for CCS . The oil is condensed , and the reservoir is well sealed , meaning there is very limited risk of the CO 2 making its way out of the seabed and back into the atmosphere . With an extensive infrastructure system and capabilities spanning 20 years of safe operation in the oil and gas industry , INEOS Energy was in an excellent position to begin work on this exciting new climate project . The pilot phase of the project , which has seen involvement from 23 companies within a consortium headed up by INEOS
Denmark , commenced in 2021 with an initial investment of approximately £ 70 million to demonstrate the underground sequestration of CO 2 and monitor its results . The CO 2 for this pilot project came from the INEOS Oxide factory in Belgium where carbon capture is already taking place . In March 2023 , Project Greensand initiated the world ’ s first crossborder offshore carbon storage intended to mitigate climate change , marking the completion of the initial pilot phase . The results of this are still being analyzed and INEOS Energy is aiming for a start-up date of around 2025-to-2026 , as the company now enters a phase of full-scale investment .
Once achieved , it is hoped that the facility will store up to 1.5 million tons of CO 2 per year , demonstrating the workability of the project as an industrial case within a commercial setting . By 2030 , it is expected that this figure will rise up to eight million tons of carbon per year through the efforts of the Siri Fairway Expansion Project , which will account for 40 percent of the total carbon reduction target in Denmark .
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