A investment from bp that could bring thousands of jobs to the region has taken a huge leap forward as the company confirmed it has submitted bids to secure support for two major low carbon energy projects.
The bp-operated Net Zero Teesside Power project (NZT Power) and bp’s H2Teesside hydrogen project have submitted bids into Phase 2 of the Government’s Carbon Capture Usage and Storage (CCUS) cluster sequencing process. If the bids are successful, the projects will be eligible for government support as they continue their development.
NZT Power, a joint venture between bp and Equinor, is aiming to be the UK’s first fully integrated commercial-scale gas-fired power station with carbon capture. It could provide enough power for up to 1.3 million homes while capturing up to 2million tonnes of CO2 emissions a year. This would be transported and securely stored under the North Sea by the Northern Endurance Partnership project – a joint venture between bp, Equinor, National Grid Ventures, Shell, and TotalEnergies Energies – which bp leads as operator.
NZT Power aims to be up and running within the next five years and aims to create 5,500 direct jobs during its construction and add £450mn to the economy each year.