Global Infrastructure Partners (GIP), an infrastructure investor part of BlackRock, has entered into a definitive agreement with Italy’s energy giant Eni for the acquisition of a co-control 49.99% interest in the latter’s carbon capture, utilization, and storage (CCUS) business.
The partners in May announced they had signed an exclusivity agreement for the 49.99% stake in Eni CCUS Holding . The agreement grants Eni CCUS the right to participate in potential future projects related to Eni’s depleted oil & gas fields once the relevant regulatory and market conditions allow.
The entity operates the Liverpool Bay and Bacton projects in the UK and the L10 in the Netherlands. It also holds the future right to acquire the Ravenna CCS project in Italy.
“We are excited to partner with Eni, a global leader in CCUS,” said Bayo Ogunlesi , GIP’s Chairman and Chief Executive Officer. “GIP’s experience in midstream infrastructure, combined with Eni’s technical, operational and industrial capabilities, will help accelerate the deployment of CCUS solutions at meaningful scale, furthering our commitment to serve growing market needs for affordable, decarbonized energy and products.”
Over time, the Eni CCUS platform is expected to expand further, unlocking new business opportunities and reinforcing its contribution to decarbonization efforts. The partnership aims to accelerate the development of these projects across different geographies.
“The decision to consolidate our CCUS global portfolio into a dedicated entity, and the entry of GIP as a strategic partner, will further enhance our ability to deliver large-scale, technically advanced decarbonization solutions,” said Eni’s CEO Claudio Descalzi said.
“The development of our satellite model applied to our businesses related to the energy transition is therefore successfully continuing, confirming their significant attractiveness in terms of growth potential and value creation by attracting aligned capital, as well as their effectiveness in reducing emissions.”
The Liverpool Bay CCS project will operate as the backbone of the HyNet Cluster to transport CO2 from capture plants across North West of England and North Wales through new and repurposed infrastructure to permanent storage in Eni’s depleted natural gas reservoirs, located under the seabed in Liverpool Bay.
The project includes the repurposing of part of the offshore platforms as well as 149 kilometers of onshore and offshore pipelines, and the construction of 35 kilometers of new pipelines to connect industrial emitters to the Liverpool Bay CCS network.