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Oil & Gas

Malaysian FPSO specialist makes a move on CO2 shipping solutions

Malaysian floater specialist Bumi Armada and Navigator Holdings plan to establish a 50:50 joint venture — Bluestreak CO2 — to provide carbon dioxide shipping and injection services in the UK.

Navigator is the owner and operator of the world’s largest fleet of handysize liquefied natural gas carriers.

Bluestreak CO2 aims to provide an end-to-end solution for carbon emitters to capture, transport, sequester and store their CO2 emissions in line with the UK’s Industrial Decarbonisation Strategy.

It is envisaged that the joint-venture partners will design and implement a value chain of shuttle tankers delivering to a floating carbon storage and injection unit.

Navigator and Bumi Armada — which have signed a non-binding memorandum of understanding — are in initial discussions with a number of emitters and if successful, the first shipment of CO2 is expected three years after taking the final investment decision.

The Malaysian contractor noted that the CO2 is intended to be subsequently injected into offshore storage aquifers and/or depleted oil and gas.

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This approach is anticipated to allow the Bluestreak CO2 joint venture to serve emitters with no access to pipeline infrastructure, to effectively manage their CO2 emissions.

“The Bluestreak CO2 JV marks the first shipping partnership into the carbon capture sector in the UK. I’m incredibly pleased to have the opportunity to offer an end-to-end solution for customers, particularly those not served by the large ‘mega-cluster’ projects,” said Navigator chief executive Mads Peter Zacho.

Bumi Armada said it is estimated that the potential market in the UK alone is more than 30 million tonnes per annum of CO2 from emitters which are not proximate to existing awarded carbon capture, usage and storage clusters.

“We are excited to collaborate with Navigator in this strategic partnership to bring sustainable and scalable solutions to reduce carbon emissions, which is also in line with Bumi Armada’s recently launched decarbonisation agenda to achieve net zero by 2050,” Bumi Armada chief executive Gary Christenson said.

“This collaboration is a testament to our strong commitment towards providing the best decarbonisation solutions globally.”

The transaction is subject to the execution of a definitive joint-venture agreement, approval by the companies’ boards, regulatory approvals where applicable and other customary closing conditions.

The companies expect to enter into such an agreement by the end of the year although commercialisation of the Bluestreak CO2 joint venture is subject to sufficient long-term customer commitments.

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