INEOS Launches EU's First Full-Scale CO2 Storage Site at Greensand in Danish North Sea
Greensand's commercial opening on Friday (2026-09-18) precedes a wave of UK North Sea CCS projects advancing through drilling, financing, and licensing.
INEOS opened the Greensand CO2 storage facility off Denmark on Friday (2026-09-18), becoming the first full-scale commercial CO2 storage site to come online within the European Union, the UK-based chemicals and energy group said.6
Several large UK projects are pressing forward behind it. The Northern Endurance Partnership confirmed it had successfully drilled its first exploration well in the Southern North Sea, the first of two planned, as it builds the pipeline and storage infrastructure for the East Coast Cluster, one of two sites selected under the UK government's Track 1 CCS programme.3
Public funding has cleared the way for the UK buildout. Track 1, combining HyNet in the North West and the East Coast Cluster on the northeast coast, carries a £21.7 billion funding package. Track 2 has added the Viking project in the southern North Sea and the Acorn project in Scotland for a further £9.4 billion.2
Private capital has followed. The joint venture of Eni SpA and BlackRock's Global Infrastructure Partners secured over EUR 500 million ($582 million) from a pool of 13 international lenders to back ongoing and additional CCUS projects. Eni's North Sea position includes the Bacton licence on the depleted Hewett gas field, where the company estimates potential storage capacity of approximately 300 million metric tonnes of CO2.1
HyNet, the Irish Sea corridor project, is designed to take up to 4.5 million metric tonnes per year in depleted hydrocarbon fields. Eni's Italian CCUS project is projected to start with roughly 25,000 tonnes annually from the Casalborsetti gas treatment plant in Ravenna — a small initial volume, but one that begins establishing an operational track record for the broader JV fleet.1
The North Sea Transition Authority described the sector as having received a "significant boost" following DNV analysis showing that repurposing existing North Sea assets could reduce capital expenditure and shorten project timelines across emerging CCS chains. The basin's depleted fields and legacy pipelines give it an infrastructure base that most alternative storage geographies cannot replicate.4
The Morecambe Net Zero Peak Cluster, led by Centrica's Spirit Energy, shows how far UK ambitions extend. The project entered its second development phase after passing NSTA appraisal. Spirit Energy describes it as the world's largest cement decarbonisation scheme, targeting 40% of the UK's cement and lime industry. It has secured £31 million in private sector backing and would be the first CCS investment made by the UK National Wealth Fund, which Chancellor Rachel Reeves had designated a priority.2
Revenue durability has become the central concern for North Sea CCS developers, as oilprice.com analysis published in August (2026-08-17) observed. Whether CO2 can be compressed, transported and injected underground is no longer the question slowing development. Government contracts, carbon prices and industrial service fees must prove they can sustain commitments that span 30 years or more. UK Carbon (UKA) was at £57.51 per tonne on Tuesday (2026-09-22), with government contracts currently providing the bulk of commercial support across the UK project pipeline.5
Northern Endurance Partnership has a second exploration well to drill before its storage estimates for the East Coast Cluster are confirmed. Morecambe Net Zero still needs a full storage licence from the NSTA. Greensand has proved that full-scale commercial CO2 storage in the North Sea works. The UK cluster pipeline now requires its own geological confirmation and regulatory clearances before it can claim the same.3,2