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UK-based Getech, a locator of subsurface resources, and US-based Cozairo, a specialist in carbon capture and storage (CCS), have joined forces with the goal of delivering end-to-end CCS solutions to non-oil and gas CO2 emitters seeking to reduce their carbon footprint.
In a media statement, the companies said that the focus will be on storing carbon near the emission point source, reducing infrastructure and capital requirements, commercial complexity and the number of parties impacted by the development of CCS projects.
The plan is that Getech uses its geoscience gravity and magnetic database, its proprietary Globe earth model and its geospatial analytics expertise to screen for attractive colocations of CO2 emitters and storage sites, to evaluate the suitability of the subsurface for carbon storage, and to prepare the geoscience component of licence applications and site monitoring plans.
Cozairo, on the other hand, will deploy its CCS project development and geologic sequestration expertise to develop local, capital-efficient carbon capture and storage initiatives capable of delivering returns to industrial partners across sectors.
“Our companies possess complementary skills and capabilities in the area of CCS, with no overlaps,” Richard Bennett, CEO of Getech, said in a statement. “This makes our partnership the ideal solution for businesses looking to reduce their carbon footprint in a safe, efficient and cost-effective manner.”
Bennett pointed out that the appetite for carbon capture and storage solutions from an increasing number of governments and policymakers across the world and the resultant incentives have helped to reduce the costs associated with the technology.
“The increase in emission costs is closing the gap with CCS implementation capital expenditure, making this solution much more commercially viable,” he said.
According to Bennett, CCS activity has seen significant advancement in recent years, with 2022 alone seeing 61 new CCS projects globally. However, projections from the International Energy Agency show that these initiatives still fall short of the 1.2 gigatons of CO2 capture that must be in place by 2030 to support a sustainable development scenario.
