InCapture – GHG23-3 Permit Application Preparation

InCapture – GHG23-3 Permit Application Preparation

CarbonCQ was engaged by InCapture to provide both technical and commercial support in the preparation and drafting of its application for GHG23-3 in the 2023 Offshore Green House Gas acreage release. The application built upon previous studies undertaken by InCapture, including the recently completed preliminary CO2 storage feasibility assessment prepared by CarbonCQ.

The application addressed project objectives, project workflows, firm and contingent work programs, sourcing of CO2 emissions, development concepts, cost estimates and economics and the project commercialization plan.

The technical requirements of the permit application included an assessment of storage capacity, injectivity, CO2 trapping and containment mechanisms, formation fracture pressure limits, legacy well integrity review. Further, the application considered the post award work plan and budget,  subsurface risk assessment and monitoring strategies and environment and stakeholder engagement.

CarbonCQ commercial support included input to the commercial sections of the application and to report structuring. Commercial support also extended to identifying suitable partners to participate with InCapture in the GHG acreage bid application and negotiating and documenting a Joint Bidding Agreement with those bidding partners. CarbonCQ worked closely with InCapture to secure SKearthon’s participation in the permit and negotiate a carry through initial phases of the primary work programme.

The comprehensive application proved successfully securing the acreage. InCapture was awarded the acreage as permit G-15-AP in August 2024. CarbonCQ was also included in the application and secured itself a 5% interest in the permit, while South Korean industrial conglomerate SK was awarded a 20% interest through its subsidiary SKearthon.